People Want Longer Fixed Rate Mortgages
Published / Last Updated on 12/08/2008
People Want Longer Fixed Rate Mortgages
According to the latest research from Abbey, one in 10 people would now choose to fix for 10 years or longer on a mortgage. The figures from the Abbey Remortgage index show that demand for longer-term fixed-rate deals remains strong.
The most popular option was the five-year fixes with 27 per cent of people saying that if they took a remortgages deal tomorrow they would choose this product. In addition the number of people saying they want a 10 or 15-year fix rose by 11 per cent, showing the same amount of popularity as given to three-year fixed-rate deals.
Our view
In retrospect we all think that security is a good thing. Once the current credit crunch passes we can see many people looking to secure 10 year and longer term fixed rate mortgage deals.
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