More people 'opting for Principality Building Society fixed-rate mortgages'

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More people 'opting for Principality Building Society fixed-rate mortgages'

Wed 7th Jul 2010

Demand for Principality Building Society fixed-rate mortgages has risen as homeowners anticipate rate rises, new data has shown.

Chief operating officer Graeme Yorston said that more such deals have been taken out at the institution, "indicating that prudent borrowers are beginning to prepare themselves for the eventualities of a rise".

The latest Principality Building Society Spending and Saving Survey showed that 44 per cent of people in Wales expect interest rates to increase in 2010, compared to 38 per cent who anticipate them remaining at their current low level.

Fear of higher costs has led more individuals to choose Principality Building Society fixed-rate mortgages in order to enjoy the security of steady rates.

The survey found that 24 per cent of people in Wales think that rates could go up by one per cent before the start of 2011.

Prior to the Chancellor's announcement of his Emergency Budget, Principality Building Society found that half of the Welsh population was already preparing to rein in their household spending.

Its survey revealed that 44 per cent were looking at changing utility providers to get a better deal and 40 per cent were planning to cut costs on food.

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