UK Money News
28th July 2008
More longer-term mortgage deals available
Borrowers are being offered more and more longer-term mortgage deals, in anticipation that homeowners will increasingly seek for long-term stability in their home loans.
According to research from MoneyExpert.com over the last 12 months the number of mortgage products with terms of ten years or more has doubled.
The result of this has to bring the proportion that these deals make up in the mortgage market from eight per cent to 15 per cent.
The research also revealed that the number of 25-year fixes has also doubled from nine in July 2007 to 18 as of last month.
Sean Gardner, director of the site, said: "The credit crunch has prompted a flight to safety by borrowers who have been stung by dramatic rises in the rates on short-term deals.
"At the same time lenders are increasingly keen on signing customers up to long-term deals which offer them certainty."
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