Fixed rate mortgage introduced 25-years ago
Fixed rate mortgages were first introduced to the mortgage market 25 years ago, according to research from Moneyfacts.co.uk.
The data provider points out that when fixed rates were launched back in 1989 - during July there were just seven products available. This figure has grown considerably as there are now over two thousand fixes available.
Sylvia Waycot of Moneyfacts comments: "As we enter a time of uncertainty with regard to rate rises, stress tests to assess affordability and Bank of England loan-to-income multiples, fixed rate mortgages are likely to become the white knight of the mortgage industry, despite the fact that rates are starting to creep up.”
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