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Homeowners search for cheap fixed rate mortgages

22/02/2008

A recent survey has indicated that majority of homeowners are searching for cheap fixed rate mortgages.

The survey shows that 57 per cent of the people thinking of taking on a mortgage deal would choose a fixed rate rather than a variable or interest only mortgage.

Gathered data also indicates over 30 per cent of total respondents confirming they would rather select a short term fixed rate leaving 27 per cent opting for a long-term mortgage deal.

Over 129 respondents were interviewed last week, 23 per cent suggested that they would choose a tracker mortgage, 9 per cent suggested a discounted mortgage and the remaining 8 per cent confirming a variable rate deal would be better.

Fairinvestment.co.uk director James Caldwell spoke further explaining: "A fixed rate deal allows homeowners the security of knowing what their monthly repayments will be and therefore to budget accordingly. The public are obviously wary of exposing themselves to the economy at large and are acting accordingly, with a high proportion of people opting for fixed rate mortgage deals."

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