Fixed-rate mortgage demand 'rising steadily'

22-May-2008

Five-year fixed-rate mortgage deals continue to rise in demand among British homebuyers, it has emerged.

New data from the Abbey Mortgage Index indicate that requests have increased for the third month in a row, with almost a third of individuals revealing they would opt for such a deal if they were to remortgage.

"Opting for a longer-term fixed-rate mortgage will provide mortgage borrowers with financial security in uncertain economic times," explained Phil Cliff, Abbey's mortgage director.

"For borrowers who do want to fix for five years, there are some very competitive deals out there at the moment, including Abbey's 5.75 per cent product available up to 75 per cent loan to value," he added.

In the organisation's analysis of nearly 1,000 mortgage holders, it was revealed that demand for longer-term products grew steadily from seven per cent in February to 12 per cent in March, doubling to 24 per cent in April and growing again to 30 per cent this month.

Abbey suggested that a large proportion of the demand comes from people due to come off fixed-rate deals this year.

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