Abbey Mortgages: Popularity of five-year fixes growing
www.moneynews.co.uk > Mortgages > Abbey Mortgages: Popularity of five-year fixes growing
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Money News |
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Abbey Mortgages: Popularity of five-year fixes growing
Mon 7th Apr 2008
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It surveyed nearly 1,000 borrowers, 24 per cent of whom said that if they were to remortgage tomorrow, they would opt for a five-year fixed-rate deal.
The bank notes that with the mortgage market shrinking, borrowers are increasingly looking for certainty.
Only last month, just ten per cent of borrowers said they would choose a five-year fix, but half-decade deals have now far surpassed two-year fixed-rates in terms of popularity.
Nici Audhlam-Gardiner, director of Abbey Mortgages, said: "Homeowners faced with a dwindling number of mortgage deals seem keener then ever to lock themselves into a deal for longer than two years such as a five-year fix."
Two-year deals are still popular with borrowers however - last week Alliance & Leicester announced that it is withdrawing its two-year fixed-rate mortgage product, after it received a high volume of interest.
Related News : Mortgages |
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