Two year fixed rate deals ranked as the most popular mortgage
An assessment of 200 financial advisers proved that two-year
fixed rate deals were ranked as the most popular mortgage
Council of Mortgage Lenders statistics show that in 2006 a record
66 per cent of all new mortgages were taken out at fixed rates.
Through that time, it had increased rising to 75% towards the
start of 2007 and 77% in the second quarter.
Borrowers still understand the advantages of a fixed rate mortgage
deal. With interest rates increasing each month they feel this
is their only security.
Many high street lenders have tried presenting long-term fixed
rate products, simply to take them off the market after due to
a lack of interest.
Managing director of Paragon Mortgages, John Heron commented: ‘There
are advantages and disadvantages of longer-term mortgage deals,
but it seems strange that the chancellor is trying to promote
10-year mortgages when there appears to be limited demand from
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