According to a new report published by Halifax, the fixed rate mortgage has recently 'come of age'.
The building society helped to create the fixed rate trend by launching its first product in 1988, and according to figures recently produced by the Council for Mortgage Lenders (CML), 68 per cent of new mortgage lending was on fixed rate products in 2009.
Prior to the fixed rate mortgage, borrowers had very little choice in their mortgage rate, Halifax claimed.
Stephen Noakes, the mortgages commercial director at Halifax, explained that the introduction of the fixed rate product has given consumers a much broader range of choices.
He said: "Ever since their introduction 21 years ago, fixed rate mortgages have been fundamental for homeowners looking for certainty and stability in managing their household expenses, and this is an important milestone to mark."
An industry expert, meanwhile, recently suggested that the downturn in the housing market in the last 12 months has, in part, been caused by a lack of competitive mortgages .
Steve Turner, the Home Builders Federation's head of communications, stated that 2009 had been difficult because Britons were unable to secure a mortgage deal that allowed them to move up the property ladder.
Fixed rate mortgages have come of age, Halifax claims
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Fixed rate mortgages have come of age, Halifax claims
Mon, 22 Feb 2010
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