More borrowers locking into fixed rate mortgages
More borrowers are choosing to take fixed rate mortgages according to the latest figures from the Financial Conduct Authority.
The financial regulator latest statistics show that over 77% of borrowers took a fixed rate in the third quarter last year and this was up from 75% in the second quarter.
Most of the banks and building societies have concentrated on offering fixed rate mortgages although there are still some impressive tracker rates available.
Aaron Strutt, product manager at Trinity Financial, says: “Halifax has just lowered their fixed and tracker rate mortgages by 0.2%.
“Their two-year fixed rate is as low as 1.89% and it has a £1,499 arrangement fee. Borrowers will need a 40% deposit to access this rate and it is available on an interest-only or repayment basis.â€
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January 17, 2014
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