First time buyers 'increasingly' opt for fixed-rate mortgages

14-Mar-2007

Britain's first time buyers are increasingly choosing fixed-rate mortgages, new research suggests.

According to data released by the Council of Mortgage Lenders (CML), in January 85 per cent of first time buyers opted for a fixed-rate deal; during the same month 72 per cent of all lending was on fixed-rate products.

"Increasing numbers of people - especially first time buyers - are opting for a fixed-rate mortgage," said Michael Coogan, director general of the CML.

"Each month it seems that the prospect of another interest rate rise is balanced on a knife edge. More and more borrowers are protecting themselves against this risk," he added.

Indeed, it would seem that home movers are also opting for additional protection as the first month of the year saw 70 per cent of this group opting for fixed-rate mortgage products.

The stated goal of the CML is to foster a "thriving environment" for Britain's housing market and mortgage industry.

To find out about those mortgages specifically aimed at first time buyers, see our best buys for first time buyers table.

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