Chancellor pushes for fixed rate mortgage deals
The Chancellor wants to push 25 year fixed rate mortgages forward, according to research from FairInvestment.co.uk.
The chancellor commented: "I want to see more flexible and affordable long-term fixed rate mortgages for 10, 20 or even 25 years. Emphasising that he intends to investigate how to make a framework that will allow the UK to achieve affordable, long term fixed rate mortgages."
A recent survey carried forward by Fairinvestment.co.uk showed that 37 per cent of people would opt for a 25 year fixed rate mortgage; the remaining 28 per cent would go for a medium term fixed rate deal.
James Caldwell, director at FairInvestment.co.uk commented: "The fact that the majority of people would go for a long or medium term fixed rate mortgage."
A vast majority of people said that they would go for a short-term fixed rate mortgage deal, the remaining said that they would not choose a fixed rate mortgage simply because they would not have the authority to take advantage of the Bank Of England’s base rates.
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