Demand for fixed rate mortgages 'increases in economic uncertainty'

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Demand for fixed rate mortgages 'increases in economic uncertainty'

Due to the slow economic recovery and jittery international markets, homeowners increasingly want fixed-rate mortgages, according to one provider.

Leading independent estate agent and financial services provider haart claimed that demand for two and three-year fixed-rate mortgages averaged at 70 per cent in 2011.

Meanwhile, buy-to-let investors seemingly preferred tracker mortgages, according to haart's data, although the demand for fixed rates among borrowers "reflects the desire for … financial certainty," according to managing director of haart Financial Services David Miles.

He added: "We are expecting this trend to continue, particularly in light of the Bank of England recent economic forecasts for the remainder of 2011."

The data also showed demand for five-year fixed rate loans rose to a five month high in July at 7.4 per cent.

Reflecting this, Nationwide - one of the UK's largest lenders - announced reductions across the board in its five-year fixed-rate loans yesterday (September 1st) by 0.1 per cent.

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