27 Oct

John Charcoal: Fixed-rate mortgages still unpopular

John Charcoal: Fixed-rate mortgages still unpopular

Fixed-rate mortgages are continuing to decline in popularity in the UK as people look for property for sale in Manchester and elsewhere, new statistics have revealed.

According to independent mortgage expert John Charcoal, 34.3 per cent of people looking to borrow money in September opted for a fixed-rate mortgage.

This is the smallest proportion recorded so far this year and the firm claims that figures for October show no sign of bucking this trend.

Ray Boulger from John Charcol said: "Most fixed-rates still look too expensive. However, the best fixed and variable rates have got cheaper this month, with some real competition now emerging in some sectors of the market."

He claims that because interest rates are likely to remain low until 2011, John Charcoal customers are being advised to take out variable rate mortgages, especially as recent GDP figures also show that the UK is still in a recession.

In related news, Liam Bailey, head of residential research at Knight Frank, recently claimed that the low interest rates are encouraging more people to purchase properties.ADNFCR-1222-ID-19428577-ADNFCR

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