Despite a hold on the Bank of England base rates this month, more people are opting for fixed rate deals say Mortgages Direct.
It found that 75 per cent of borrowers opted for the fixed two-year deals last month, which is an increase of 60 per cent on the month before. Borrowers are being more cautious and are securing their loans at current levels.
Our view
We are preducting a 50:50 chance of another rate rise in February, it makes sense for people who need stability to fix their mortgage rate.