Figures from the Council of Mortgage Lenders have shown that sales of fixed rate mortgages were up in April, by 17% on the same period last year. Their survey showed that fixed rate mortgages accounted for 71% of all house purchases and remortgage loans in April, and that the average first-time buyer loan had increased to £106,400.
Remortgaging was down by 5% on the previous year, at 36%, while the total percentage of loans authorised remained almost the same, at 46%.
Our view
Property activity is on the increase - expect more and expect interest rate increases.
Interest rate rises are expected which is why activity in fixed rate mortgages is on the up.
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