Homeowners want long-term fixed rate mortgages
Many of Britain's homeowners would like the financial security of having a long-term fixed rate mortgage arrangement, it has been claimed.
According to Abbey, close to 40 per cent of people who own their own home would prefer a long-term fixed rate mortgage deal when they came to remortgage if the option were available.
In fact, the financial services firm reports that its mortgage deals offering five or six years at a fixed rate are now almost as popular with its customers as two-year fixed rate arrangements, which have proved the most attractive in recent months.
"Our research shows that the appetite for long term fixes is increasing," said Nici Audhlam Gardiner, head of mortgages at Abbey.
"Lenders are contributing to this demand, reducing rates to make their long-term fixed rate deals even more attractive."
The mortgage firm John Charcol suggested recently that the government ought to do more to help Britain's first time buyers get a foot on the property ladder.
You'll get it immediately to help you get the best valuation possible.
We value your privacy and will not share your details
