Fixed rate mortgages doubled during March
Five year fixed rate mortgages have increased to 24 per cent throughout March and figures are likely to increase, Abbey explains further.
Abbey are withdrawing some of their mortgage deals.
Tracker mortgages have lost peoples interest; nearly five per cent have left repayments vulnerable to the greater monetary conditions. More people everyday are looking for the security of knowing how much money they will have to pay every month while effort to make ends meet with current living costs remain highly.
Director of Abbey Mortgages, Nici Audhlam-Gardiner commented: "Not too long ago borrowers felt that shopping around regularly was the way to get the best deal, now homeowners faced with a dwindling number of mortgage deals seem keener then ever to lock themselves into a deal for longer than two years such as a five-year fix."
A recent survey carried out indicated that the popularity of tracker mortgages have dropped by more than 50 per cent between March and April, and that five per cent of people making a purchase would choose a fixed rate mortgage deal for 25 years.
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