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Fixed mortgage rate products more popular
Fri, 23 Sep 2005
Fixed rate mortgages seem to be more popular than ever.

In August, more than half of all mortgage applications (54 per cent) were for mortgages offering a fixed mortgage rate .

This is an all-time high for fixed-rate mortgages since the Council of Mortgage Lenders, which released the figures, started its records in 1998.

Commenting on these findings was Stuart Fearn, product development manager at Leeds Building Society, who pointed out that the average fixed mortgage rate in August was at 5.23 per cent, compared to an average variable mortgage rate of 5.61 per cent.

"Our ten-year fixed rate offers customers peace of mind, the ability to budget and the flexibility to pay off ten per cent of the balance each year without penalty.

"All this, combined with full portability, meaning a customer can move home and continue to benefit from a fantastic rate of only 4.65 per cent have made this product very attractive."

Mr Fearne added that people looking to find a remortgage will find this an ideal remortgage option as it "takes away the uncertainty surrounding the next Bank of England base rate move".

He said many mortgage customers like the "peace of mind" this type of mortgage offers .

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