Abbey: Mortgage-holders want stability

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Abbey: Mortgage-holders want stability

Mortgage borrowers prefer the consistent monthly outgoings that come with a fixed-rate scheme, according to research by Abbey.

Out of 8.8 million people who prefer a fixed-rate mortgage, 65 per cent indicated that greater ease and simplification in their monthly budgets was the main reason for their choice, a survey by Abbey Mortgages revealed.

The study also found that 5.1 million consumers would fix their mortgage payments for five or more years if renewing their policy today, even though interest rates are likely to decrease in 2008, the bank said.

Borrowers are urged by Nici Audhlam-Gardiner, head of mortgages at Abbey, to ensure that they take out the right deal for them and that they understand the range of additional mortgage products currently available on the market.

"For most of us our mortgage is the biggest financial commitment we make so it’s understandable that we want to know just how much we’re going to have to fork out each month," she added.

Abbey recently launched a new portfolio of fix and flex mortgages that provide an initial fixed rate policy for borrowers prior to converting to a competitive variable rate at a later stage during the scheme.
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