In section 1 the developments of the mortgage markets have already been extensively discussed. In this section attention is being drawn to the well-known fact of maturity mismatches. The mortgage product requires a risk commitment from one bank, non-bank or another for nearly always 25 years or longer. Banks and building societies in the ., as elsewhere, do not have funds available which are committed for 25 years, not even their own equity resources as recent banking losses have shown. Individual households are generally unable to repay their mortgages any faster. At the moment only Manchester Building.
