17 Jun

Number of fixed-rate mortgages sees increase

Number of fixed-rate mortgages sees increase

More people are opting for fixed-rate mortgages in order to gain stability in the property market, it has been suggested.

Independent mortgage adviser John Charcol released figures yesterday (June 16th), which revealed that 26 per cent of people borrowed a fixed-rate loan last month.

Director of marketing at the company Drew Wotherspoon said: "This is the highest figure for over six months, as some borrowers begin to look for real safety in what are bound to be some choppy years ahead."

He added that there are currently a number of good value five and ten-year fixed-rate loans on the market, which is encouraging buyers to opt against tracker mortgages.

Findings from the John Charcol Mortgage Index also showed that more people were buying homes than remortgaging them, after purchases accounted for 57 per cent of business last month.

Yesterday, the Council of Mortgage Lenders spoke out against the government's possible caps on mortgages, saying there should not be a limit to the types of mortgages people receive in the future.

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