According to Abbey National, fixed rate mortgages are increasing in popularity with one in five London home owners having one.
House prices in London are now said to be overvalued and fixed rates seem to add a level of confidence for homeowners, keeping the mortgage payments fixed.
Elsewhere around the country, mortgage deal preferences vary. Fixed rates only account for 8% of borrowers in the Midlands and 12% in the North. Borrowers in Scotland seem to favour discounted rates with 89% of them following this route.
Interest rates have been stable for some time and there are a vast amount of mortgage lenders and deals just waiting to be had.
A word of caution though make sure you really can afford the repayments without struggling. Ask yourself that question if interest rates were 1 or 2% higher.
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