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Are UK borrowers myopic? A response to the Miles Review.

Leece, David (2004) Are UK borrowers myopic? A response to the Miles Review. Conusmer policy review, 14 (2). pp. 51-55. ISSN 0961-1134

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Abstract

This paper presents the results of a review of the literature on mortgage choices in the UK and the US. This is used to critically assess the proposition that UK consumers are myopic in their choice of mortgage contract and over-emphasise initial payments. The paper argues that there can be a rational basis to this emphasis and that consumers are not inherently myopic, with their behaviour varying with respect to time, economic circumstances and the contract choices available.

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