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Variable-rate mortgages `increasingly appealing to homeowners`

18/09/2008

Variable-rate mortgages are rising in popularity among UK homeowners.

This is the finding of research conducted by Legal & General, which suggested that 35 per cent of residential borrowers took out such loans over the past three months, representing an increase of 11 per cent compared to the last quarter.

However, fixed-rate mortgages remain more popular overall, with 63 per cent of borrowers securing this type of mortgage over the last three months, down from 75 per cent last quarter.

Commenting on the findings, Stephen Smith, director of housing at Legal & General said: "As suspected, the popularity of fixed-rate mortgages peaked last quarter when we found that three-quarters of borrowers were taking this type of mortgage."

Meanwhile, a poll conducted recently by Barnetts found that 36.5 per cent of mortgage holders questioned believed they were heading for negative equity, potentially putting them at risk of high-level debt.

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