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Fixed-rate mortgages remain popular, survey shows
Wed, 09 Jul 2008
Fixed-rate mortgages remain popular despite increasing interest rates, new research shows.

A study by Fairinvestment.co.uk reveals that one-third of people would still opt for a fixed mortgage deal that lasts between five and ten years despite the fact rates have hit new highs.

James Caldwell, director of Fairinvestment.co.uk, said: "Our research was surprising considering how high mortgage rates are in the current market."

A quarter of people would still opt for a short-term fixed rate mortgage despite the fact that rates are often higher than seven per cent, he added.

Mr Caldwell also called on mortgage lenders to cut the cost of setting up a deal, stating that high fees are pricing many people out of the market.

Yesterday, a study by Moneyfacts.co.uk revealed that the average three-year fixed rate mortgage currently has an interest rate of 7.25 per cent.

The average two-year fixed rate mortgage has a rate of 7.07 per cent.

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