Homeowners choose long-term fixed rate deals
Figures have proved that Brits feel more comfortable going with long-term fixed rate mortgage deals due to interest rates rising.
A variable rate can make us suffer financially’ one homeowner added. Results acted upon behalf of the Council of Mortgage Lenders (CML) which found 42 per cent of first-time buyers selecting a fixed-rate deal, leaving the remaining 43 per cent of people to conduct for a medium to long-term embalm.
Nearly 39 per cent stated they would opt for a long-term fixed-rate mortgage because of the endanger it brings; any other mortgage deal would not be suitable, especially if they are a first-time buyer entering the property sector.
Conversely, Rob Pannel, CML's head of research strained that the take up of long-term choices is not likely to be colossal in the New Year.
Mr Pannel added: "In the absence of a major policy intervention from the government, the take up of long-term fixed rates looks set to remain relatively small for the foreseeable future, and the most we are likely to see is some movement from short-term to medium-term fixed rates.
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