Fixed rate mortgages 'increasingly popular'
Fixed rate mortgages have become increasingly popular with people preferring the certainty that the type of loan provides them, according to Mortgage Express.
Tim Anson, the head of residential lending at the Bradford & Bingley brand, added that he was "looking forward" to seeing what the government is planning to do to promote long-term fixed rates to potential house buyers.
However, he added that with interest rates being predicted to fall back, those taking out a fixed rate mortgage could find their deals are uncompetitive in the coming months.
Mr Anson added: "Ultimately, the decision as to which type of deal is appropriate will rest with the customer and their advisor, taking their individual circumstances into account, and we'd expect to see well-priced fixed rates remain popular."
Research released by the Council of Mortgage Lenders last week found that 42 per cent of potential house buyers would pick a fixed rate mortgage, with many also stating they would prefer a short term deal to a longer alternative.
© 2008 Adfero Ltd
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