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Demand for 3-year fixed-rate mortgages `increases`
02/09/2008
The demand among UK homeowners for three-year fixed-rate mortgages rose threefold over the last six months, it has been suggested.
According to figures produced by Abbey Mortgages, 21 per cent of consumers, many of whom may be concerned about debt issues, chose this kind of mortgage.
Meanwhile, fixed-rate mortgage products in general have enjoyed a rise in popularity, according to the firm, with 52 per cent of people choosing them.
This compares to 47 per cent last month and 35 per cent six months ago.
Commenting on the findings, director of Abbey Mortgages Phil Cliff said: "We are amongst those lenders who have recently reduced their rates and this seems to have inspired the confidence of borrowers."
In other news, research conducted by Abbey last month suggested that 12 per cent of mortgage holders surveyed in the UK are planning to make overpayments on their mortgages in the next six months.
