Brits want fixed-rate mortgages according to research
February 22, 2008 by admin
Filed under News, News-Mortgages
Over half of British consumers would choose a fixed-rate mortgage if given the choice, reveals new research. 
Findings from the Fairinvestment.co.uk shows that 30 per cent of these respondents said they would favour a short-term mortgage while the remainder would prefer a long-term fixed interest rate.
James Caldwell, director at Fairinvestment.co.uk, said that fixed-rate deals allow homeowners the security of knowing what their monthly repayments will be.
“The public are obviously wary of exposing themselves to the economy at large and are acting accordingly,” he stated.
Mr Caldwell indicated that consumer confidence has been affected by the uncertain economic outlook when the Council of Mortgage Lenders has announced recently that in 2007 there were 27,000 homes repossessed.
The survey also found that 23 per cent of homeowners would favour a tracker mortgage, nine per cent would opt for a discounted mortgage, eight per cent would chose a variable rate mortgage and three per cent would go for a stepped deal.
Meanwhile, according to research from the BBC, more than half of the repossession orders in the UK are brought by subprime lenders.
