18 Aug

Homeowners 'choosing to secure long-term fixed-rate deals'

Homeowners 'choosing to secure long-term fixed-rate deals'

Homeowners are favouring long-term fixed-rate deals rather than special offers that could involve a greater risk, one mortgage expert has asserted.

Jacqueline Thornton, financial planner at Re-Financial Planning, which was established in 1999 to provide independent, fee-based advice, said that many people are on standard variable rate (SVR) mortgages in the UK in order to have "peace of mind".

Her comments follow the recent publication of new figures from Unbiased.co.uk, which show that almost five million British citizens - 27 per cent of homeowners - are currently on a SVR mortgage.

"You would think it would be slightly higher, but with all the upset over what has happened, for a lot of people peace of mind is more important than the money they are saving," said Ms Thornton.

"They will go for fixed-rate," she added.

The news comes after John Charcol reported last month that 83 per cent of the brokers' clients opted for a fixed-rate mortgage in June 2009.

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