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Mortgage holders 'want stability of fixed rates'
Wed 28 Nov 2007 3pm
The current economic uncertainty in the UK is fuelling the demand for fixed-rate mortgage deals, according to new research.A survey by Abbey found that nearly one in three British homeowners would opt for a fixed-rate product of five years or more if renewing their mortgage at the present time.
Recent predictions that the Bank of England will reduce interest rates early next year have not yet lessened the appetite for this type of home loan, the study found, with nine per cent of householders saying that they would favour a 15-year fixed-rate mortgage.
Head of mortgages at Abbey Nici Audhlam-Gardiner said that the popularity of fixed rates was "understandable" considering the fact that taking out a mortgage is the "biggest financial commitment" most people will make in their lives.
She added: "You never know what's going to happen in the future, but at least if you've committed to a long-term fixed deal, you know where you are going to stand with your repayments."
A recent survey from Nationwide claimed that 75 per cent of UK borrowers do not fully understand how a rate difference of one per cent can impact on the overall cost of a mortgage.
