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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

`Rosy future` for long-term fixed-rate mortgages

06/12/2007

Many mortgage consumers are looking at taking out long-term fixed-rate home loans in the near future in order to protect themselves from any financial turmoil, new research shows.

A study by YouGov and the Council of Mortgage Lenders (CML) found that 42 per cent of those asked would choose a fixed-rate mortgage deal if they were looking at the moment.

Among those choosing a fixed-term mortgage deal, the majority said they would prefer a short-term agreement but that they could see the benefits in long-term arrangements. A total of 37 per cent said that long-term mortgages would offer peace of mind.

Bob Pannell, CML head of research, said: "In the absence of a major policy intervention from the government, the take up of long-term fixed rates looks set to remain relatively small for the foreseeable future and the most we are likely to see is some movement from short-term to medium-term fixed rates."

According to the CML, gross lending in the mortgage industry has risen by 25 per cent over the last two years.

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