UK Money News
4th April 2008
25-year fixes growing in appeal
The appeal of long term fixed rate mortgages among Britons is on the increase, a new study has shown.
In a survey conducted by Fairinvestment.co.uk, 37 per cent of people said they would opt for a 25-year fixed-rate deal if they were negotiating a mortgage at the present time.
Meanwhile, 28 per cent would go for a medium term fixed rate home loan.
James Caldwell, director at FairInvestment.co.uk, said the findings were a sign that the economic uncertainty being felt by financial institutions is filtering down to consumers.
He said: "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.
"A long term deal can provide people more security by reducing the risk involved with having a mortgage, which is particularly important for families with low incomes and for first time buyers, who often have no or little equity."
News of the study's findings comes after the chancellor Alistair Darling urged more mortgage providers to offer 25-year fixes in last month's Budget speech.
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