A report sponsored by Britain's Treasury says the UK mortgage market needs overhauling to ensure consumers get the best deals.
It also calls for lenders to make long-term fixed-rate loans more readily available, in order to reduce housing market volatility.
Recommendations in Professor David Miles's final report include requiring lenders to make all their mortgage rates available to all customers, not just new ones, and a range of measures to lower the cost to lenders of providing longer-term, fixed-rate deals.
Most British home owners have either variable rate mortgages or loans fixed for up to five years, whereas in the rest of Europe and the US 25-year and 30-year mortgages are much more the norm.
Chancellor Gordon Brown, who has blamed property market movements for much of the economic instability afflicting Britain in recent decades, charged Miles last year with exploring why the market for fixed-rate deals was so underdeveloped in Britain.
Miles said this did not mean Britain's mortgage market, which he described as 'innovative and dynamic' was not working.
His recommendation that the Financial Services Authority, Britain's financial watchdog, should require lenders to offer all rates to everybody was already being done by some lenders, but not all, he said.
