More Brits 'to choose long-term mortgages'

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More Brits 'to choose long-term mortgages'

Shorter mortgages could soon go out of fashion, with long-term deals proving increasingly attractive to Brits in the current financial climate, it has been revealed.

Ben Wilkie, editor at What Mortgage, said with the present low rate of interest set by the Bank of England having been in place for many years, more people are now looking to secure the long-term future of their borrowings by looking at five to ten-year deals.

He commented: "It is certainly a possibility that longer-term rates will become more attractive to borrowers, especially as the national economy doesn't suggest that we will see huge pay increases in the future."

According to figures from the Council of Mortgage Lenders, UK house purchasers took out 47,400 home loans worth £6.9 billion in December 2011.

This represented a one per cent increase in volume with no change in the value from the previous month and seven per cent up - eight per cent in value - from December 2010.

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