Fixed-rate mortgages 'still popular'
www.moneynews.co.uk > Mortgages > Fixed-rate mortgages 'still popular'
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Money News |
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Fixed-rate mortgages 'still popular'
Tue 10th Jul 2007
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Some 89 percent of first-time buyers and 73 per cent of home movers took out a fixed-rate loan in May, the CML claims.
This is up from the 88 per cent and 72 per cent who took up such packages in April respectively.
Michael Coogan, director general of the CML, said that although taking out a fixed-rate mortgage on a short-term basis "may provide some reassurance", he also said "eventually the loans will revert to a variable rate and the risk of a payment shock is real".
He added: "Planning ahead for higher payments is as important as the initial decision to shelter from the risk of higher borrowing costs."
Affordability problems are also worsening for homebuyers, the CML claims, with its figures in May showing that first-time buyer income multiples reached 3.37 during the month, up from 3.33 in April.
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