More borrowers locking in to fixed rate mortgages
Fixed rates accounted for 88% of all regulated mortgage sales in the first quarter of 2014, according to figures from the Financial Conduct Authority.
Data from the financial regulator shows that the number of borrowers taking fixed rates increased by 40% between 2012 and 2013. This helped to continue the trend through to the first quarter of this year when nearly nine out of every ten mortgages completed in the UK was on a fixed basis.
Lenders are concentrating so heavily on ensuring borrowers lock into fixed deals that the number of tracker rates being sold fell by 47% between 2012 and 2013. The take up of interest-only mortgages also decreased 15% over the same period.
If you would like help to secure a fixed rate mortgage, call Trinity on 020 7016 0790.
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