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Long-term mortgages `becoming more popular`

03/07/2008

More homeowners are choosing longer-rate mortgage deals, according to a report from Abbey.

Figures from the latest Abbey Remortgage Index indicates five-year fixed-rate mortgages are the most popular deal (27 per cent of those questioned) and ten per cent of customers are choosing ten-year fixed-rate deals.

Demand for two-year fixed-rate deals has dropped to its lowest rate since this March, whereas three-year deals have grown in popularity from three per cent in February to 11 per cent last month.

Phil Cliff, director of Abbey Mortgages, said the index "gives a really interesting insight into the minds of homeowners at the moment".

"The credit crunch seems to have instilled a longer-term vision among homeowners who want to make sure they are well and truly out of the `crunch` period when they remortgage again," he added.

Abbey`s statistics show fixed-rate mortgages are more sought-after than tracker or flexible deals, but the number of two-year tracker mortgages has doubled in the last two months.

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