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Fixed-rate mortgages become more popular

11/12/2007

A recent survey shows that fixed rate mortgages are becoming more popular.

Tim Anson, head of residential lending commented: "For majority of people a mortgage is the biggest financial commitment they will ever undertake, and increasing numbers of borrowers have sought the certainty provided by fixed rate deals in recent years."

As Mr Anson finished of his points he added, "As interest rates remain at historically low levels borrowers do need to consider that their fixed rate deal may look uncompetitive in a few months time should rates start to fall back, as many are now predicting".

Looking at recent figures brought out by the Council of Mortgage Lenders (CML), nearly 42 per cent of lenders would buy a fixed rate mortgage, this has been the case simply due to interest rates increasing and mortgages becoming unaffordable for first-time buyers and current mortgage holders.



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