More long-term fixed rate mortgages on offer, figures show

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More long-term fixed rate mortgages on offer, figures show

Tue, 29 Jul 2008

Mortgage lenders are offering an increasing number of long-term fixed-rate deals, figures show.

According to data released by MoneyExpert.com, the number of fixed rate mortgage deals that last ten years or more now accounts for 15 per cent of the market, compared to just eight per cent in July 2007.

Sean Gardner, director of the firm, believes that this situation is indicative of a "flight to safety" by mortgage lenders and customers due to instability in the market.

He said: "Long-term fixed rate mortgages are no longer an oddity. And with competitive rates of interest in some circumstances they may well be worth considering."

However, people should be aware they are likely to face a substantially higher early repayment charge if they decide to redeem their mortgage while it is still in a penalty period, he warned.

Yesterday, Newcastle Building Society announced that it has launched a new range of fixed rate mortgages which includes a ten-year deal.

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