UK Money News
8th July 2008
Fixed rate deals in demand despite higher costs
Fixed rate mortgages remain in demand despite rates on the products hitting a ten-year high, a new poll has found.
Last month, it was found that two-year fixed rate deals currently feature a rate of seven per cent - meaning that they are at their most costly for a decade.
However, this has failed to dent their popularity, with 25 per cent of those questioned in a survey from Fairinvestment.co.uk saying they would choose a short term fixed-rate (up to five years) mortgage if they were fixing tomorrow.
Meanwhile, one third of the respondents said they would choose to fix for between five and ten years.
James Caldwell, director of the site, commented: "Our research was surprising considering how high mortgage rates are in the current market.
"For 25 per cent of our respondents to say they would choose a short term year fixed-rate, despite the fact they are unlikely to find a rate under seven per cent, suggests that people do not have much confidence in the chances of the mortgage market recovering within the next five years."
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