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Long-term fixed mortgages more popular, survey shows

Wed, 02 Jul 2008

An increasing number of people are looking to fix their mortgage for five-years, new research has revealed.

The Abbey Remortgage Index shows that 27 per cent of customers would choose such a deal if they were to remortgage tomorrow.

It also found there is an increasing appetite for ten and 15-year fixed-rate mortgages, with 11 per cent saying they would pick such an option.

Phil Cliff, director of Abbey Mortgage, said: "The credit crunch seems to have instilled a longer-term vision among homeowners who want to make sure they are well and truly out of the 'crunch' period when they remortgage again."

One option such people might want to consider is the new ten-year fixed-rate mortgage being offered by Abbey, he added.

The mortgage charges an interest rate of 6.24 per cent with a £999 fee with up to 75 per cent loan-to-value on offer, he explained.

Meanwhile, Louise Cuming, mortgage expert at Moneysupermarket.com has recommended people start looking for a new deal at least three months before their current product comes to an end.
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