The majority of homeowners would opt for a longer term fixed-rate mortgage given the choice, a new survey shows.
According to a poll conducted by Fairinvestment.co.uk, 37 per cent of people would opt for a 25-year deal and a further 28 per cent would opt for a medium-term fixed mortgage .
James Caldwll, director of the firm, said: "The fact that the majority of people would go for a long or medium-term fixed-rate mortgage is reflective of the country's nervousness regarding the current economy and the credit crunch ."
Long-term mortgages can help provide security for people on low incomes and for first time buyers, he added.
Such fixed-rate deals seem popular with the government, with the chancellor Alistair Darling stating that he wants more people to have access to such mortgages .
In related news, it was announced yesterday that people coming to the end of a fixed-rate mortgage with Northern Rock could be offered a renewal deal by Lloyds TSB if they meet certain criteria.
People want longer term fixed mortgages, poll reveals
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People want longer term fixed mortgages, poll reveals
Tue, 10 Jun 2008
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