Fixed-rate mortgages are dominating this sector of the loans market with 87 per cent of home owners opting for this type of product.
According to Legal and General's Mortgage Purchase Index, in the second quarter of 2009 there was a 16 per cent rise in consumers opting for fixed-rate mortgages .
Stephen Smith of Legal and General said: "Who could blame [consumers]? Margins on these products are high and it's almost a cast-iron certainty that when the base rate next moves, it will be upwards."
He added that fixed-rate mortgages will give home owners "valuable peace of mind" in "turbulent" economic times and warned that with rates on the rise now could be the time to seize such products.
Legal and General's Mortgage Purchase Index tracks trends from thousands of mortgage providers around the UK to glean an overall picture of the market.
Earlier this month, Barclays announced that it is raising the cost of fixed-rate mortgages for new customers, reported the Daily Telegraph.
Rates on this kind of product at Barclays were raised from between 0.2 and 0.7 of a percentage point, depending on the type of fixed-rate mortgage being taken out.
Fixed-rate mortgages dominating the market, study shows
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Fixed-rate mortgages dominating the market, study shows
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| mortgages news |
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| Yorkshire Building Society makes mortgage more accessible - Thu, 02 Sep 2010 |
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