Homeowners search for cheapest fixed rate mortgage quotes
A recent survey has shown that homeowners are searching for cheap fixed rate mortgage deals.
According to the Council of Mortgage Lenders (CML), mortgages need to be cheap and easy to withdraw, this is what majority of people are concerned about.
A spokesperson pointed out that borrowers are not eager on taking out fixed-rate mortgages simply because they will have to pay out a big sum of cash if they change their decision and switch mortgage deals.
It has been certain that many people enjoy the peace of mind that fixed rate deals offer, however due to the base rate changing constantly, it has changed the views on fixed rate deals.
"There's peace of mind if rates go up, it helps to manage budgets and plans, and quells uncertainty if you've borrowed a lot of money. There is a reasonable consumer appetite for long-term fixed-rate mortgages, if consumers are able to exit them more easily and at lower cost."
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