Fixed-rate mortgages ‘preferred by consumers’
Most homeowners are looking for fixed-rate mortgage deals, new research has revealed.
Conducted by Fair Investment, the study was discovered that 57 per cent of Britons would choose a fixed-rate deal, with respondents split almost equally over whether to choose a long-term or short-term fixed-rate option.
A tracker mortgage was preferred by 23 per cent of homeowners, while just nine per cent opted for a discounted mortgage and eight per cent would choose a variable-rate deal.
James Caldwell, director at Fair investment, remarked that homeowners are looking for financial security.
Rises in the cost of living, as well as food and energy price hikes has put pressure on debt-laden consumers, while the Bank of England looks unlikely to make dramatic rate cuts, Mr Caldwell stated.
"A changeable mortgage repayment might not allow homeowners the stability required to ensure that they can meet their monthly expenditures," he suggested.
Yesterday, Abbey stated that many homeowners would be unsure of which deal would be the best to remortgage with in the present economic climate.
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