UK Money News
14th July 2008
Longer-term fixed rate mortgages 'grow in popularity'
Longer-term fixed rate mortgages are growing in popularity as more Britons seek the security that they offer.
According to Spicerhaart Financial Services' (SFS) survey of the mortgage market, 34 per cent of mortgages approved in June where for fixed rate deals of four years or more.
This is the highest level recorded by the firm since 1997.
Conversely, two-year fixed rate mortgages, which have traditionally been among the most popular in the UK, made up just 18 per cent of the market.
Steve Cox, operations director at SFS, said: "A year ago people were choosing short term products as they were keen to regularly review their mortgage and seek out the best deal.
"However, the changes in the mortgage market and the tightening of lenders' criteria coupled with widespread funding issues, have meant that borrowers are keener than ever to lock themselves in for the long term."
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