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More long-term mortgage deals
28 July 2008
Long-term fixed-rate mortgage deals are increasing in popularity as borrowers and lenders try to combat the credit crunch, according to MoneyExpert.com.
Research by the financial advisor revealed that the number of fixed-rate mortgage products with terms of ten years or more have doubled in the previous year because the mortgage market is looking for more security in the current economic climate.
Sean Gardner, director of MoneyExpert.com, said: "The credit crunch has prompted a flight to safety by borrowers who have been stung by dramatic rises in the rates on short-term deals."
There are now ten more long-term mortgage products on the market since last July which could entice homeowners to take advantage of the deal.
"Long-term fixed-rate mortgages are no longer an oddity. And with competitive rates of interest in some circumstances they may well be worth considering," added Mr Gardner.
According to MoneyExpert.com, the mortgage market has shrunk by 41 per cent compared with the number of products available in 2007.
