Fixed-rate mortgages popular in uncertain market

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Fixed-rate mortgages popular in uncertain market

As the future of the housing market continues to look uncertain, increasing numbers of borrowers are turning to the security of fixed-rate mortgages, according to John Charcol.

It found that a record 78 per cent of the mortgages it sold were fixed-rate products in April, up from 64 per cent the previous month.

Meanwhile, first-time buyers constituted only 4 per cent of Charcol's mortgage customers last month, down from seven per cent in March and less than half last year's average of 10 per cent.

Katie Tucker, technical manager for the firm, noted: "Not only has mortgage choice been all but eradicated above 90 per cent loan-to-value, but the biggest lenders are charging interest rates around three quarters of a percent higher for borrowers who aren't supporting the purchase with at least a 25 per cent deposit."

The business development director of iammoving.com recently suggested that first-time buyers looking to get on the property ladder would be wise to wait until the market has stabilised.
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