People 'are increasingly attracted' to long-term mortgages
www.moneynews.co.uk > Mortgages > People 'are increasingly attracted' to long-term mortgages
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Money News |
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People 'are increasingly attracted' to long-term mortgages
Fri 27th Jan 2012
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Ben Wilkie, editor at What Mortgage, said many people now have expectations that interest rates are likely to start to rise in the near future and therefore, they are taking out long-term mortgage products now in order to have peace of mind over the payments.
He commented: "It is not really about paying the most amount; it is about having security and understanding that their payments will stay the same and that they don't have to worry about it over the coming years."
Mr Wilkie added that less traditional contract lengths are now getting a lot of attention.
It follows the announcement that Norwich and Peterborough Building Society has this week unveiled its new ten-year fixed rate mortgage deal, offering 3.99 per cent APR to individuals with 75 per cent LTV in their home.
Click here for more mortgages news
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