UK Money News
21st February 2008
Fixed rate deals appealing to more homeowners
Fixed rate mortgages are appealing to more homeowners in the face of a predicted economic downturn this year, a poll suggests.
Price comparison site Fairinvestments.co.uk asked homeowners which kind of product they would favour if they were taking out a mortgage this year and found that 57 per cent would choose a fixed rate deal.
Of these 37 per cent would seek a short term fixed rate product, with the remaining 27 per cent looking to fix for a longer period.
James Caldwell, director at Fairinvestment.co.uk said that fixed rate products are growing in appeal in the current economic climate which has prompted consumers to seek the "security of knowing what their monthly repayments will be".
He added: "The public are obviously wary of exposing themselves to the economy at large and are acting accordingly, with a high proportion of people opting for fixed rate mortgage deals.
"With a large number of people coming out of existing fixed rate arrangements back onto lender variable rates, many people are keen to re-fix their mortgages."
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