28 Jul

Long-term mortgages 'more popular'

Long-term mortgages 'more popular'

Many house buyers are opting for long-term fixed-rate mortgage deals, it has been revealed.

According to MoneyExpert.com, the ongoing economic difficulties have led more homeowners to consider long-term mortgages, with the number of people signing agreements with terms over ten years doubling in the past 12 months.

Director of the website Sean Gardner stated that such mortgages offer "safety" and "certainty" following the recent rises in interest rates available on home loans.

"Long-term fixed-rate mortgages are no longer an oddity. And with competitive rates of interest in some circumstances they may well be worth considering," he added.

MoneyExpert.com also noted that while the number of mortgage products on the market has decreased in the past year, there has been a rise in the amount of long-term deals available to house buyers.

Last week, figures from the British Bankers' Association showed that mortgage approvals fell by 23 per cent between May and June.ADNFCR-1222-ID-18703946-ADNFCR

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