Financial news categories
Financial news archive
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Homeowners opt for fixed rate mortgages
09 July 2008
Homeowners are still choosing fixed rate mortgage products despite the current economic climate, claims an independent online finance portal.
Research by Fairinvestment.co.uk revealed that 25 per cent of people said they would choose a short term year fixed-rate despite the fact that average rates have increased to a ten year high of seven per cent.
James Caldwell, director of Fairinvestment.co.uk said: "Our research was surprising considering how high mortgage rates are in the current market."
First-time buyers feel they are being priced out of buying properties due to the current condition of the mortgage market with eight per cent saying they cannot afford to buy a house, according to Fairinvestment.co.uk.
"Mortgage set-up fees have got to come down, as the Chancellor recently stated, lenders are taking advantage of borrowers by charging as much as £2,500 just for arranging a mortgage," said Mr Caldwell.
Research by Credit Action revealed that total secured lending on homes had increased by 8.7 per cent on the previous year.
