Long-term fixed-rate mortgages 'could be popular'

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Long-term fixed-rate mortgages 'could be popular'

Mortgages with a 25-year term could prove popular with homeowners, according to financial experts.

Fair Investment Company noted the chancellor Alistair Darling, in his pre-Budget speech, said people should have the choice of longer-term products.

The majority of current deals only last two or three years and this impacts heavily when the mortgage reverts to a higher interest rate, Mr Darling suggested.

Fair Investment Company director James Caldwell said this put people at risk of losing their homes.

The company's research reveals that more than a third (37 per cent) of respondents would choose a 25-year term and 28 per cent would opt for a medium-term fixed rate.

"The fact that the majority of people would go for a long or medium term fixed rate mortgage is reflective of the country's nervousness regarding the current economy and the credit crunch", said Mr Caldwell.

Nationwide recently became the first big lender to offer customers a 25-year mortgage.ADNFCR-323-ID-18537519-ADNFCR

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