14 Feb

Long-term mortgages may become more popular

Long-term mortgages may become more popular

More people looking for property for sale in London and other regions may look towards longer-term borrowing in the future, according to one expert in the property market.

Ben Wilkie, editor at What Mortgage, said that it was more common for people in the UK to hop around for short-term mortgages for the best deal, and that long term mortgages were more popular on the continent.

However, he said continued financial strains may lead more people to look towards long-term loans.

"It is certainly a possibility that longer-term rates will become more attractive to borrowers, especially as the national economy doesn't suggest that we will see huge pay increases in the future."

It was also announced earlier this week that the number of mortgages approved in December of last year had risen when compared to November, with one per cent more people looking to buy a house towards the end of the year.ADNFCR-1222-ID-801292727-ADNFCR

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