UK Money News
21st May 2008
Remortgagers looking for five-year fixes
Demand for five year fixed rate mortgages continued to rise last month, as homeowners looked for greater security fro, their home loan.
In polls conducted by Abbey, homeowners are asked which class of mortgage offer they would opt for if they were remortgaging tomorrow.
Of those quizzed, some 30 per cent said they would look to secure a five year fixed rate deal, up from 24 per cent last month and 12 per cent in March.
The appeal of three-year fixes also grew, with nine per cent of the sample choosing them compared with eight per cent last month.
Phil Cliff, a mortgage director at Abbey, said: "Opting for a longer term fix rate mortgage will provide mortgage borrowers with financial security in uncertain economic times.
"Whilst the May decision by the Bank of England was to maintain the base rate at five per cent, inflationary pressures mean that it is unlikely to fall again soon, and some commentators even think that inflation could lead to increasing mortgage rates."
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