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Increase in Uptake of Fixed Rate Mortgages

Mon, 09 Oct 2006
Proceeding the Bank of England raising mortgage interest rates in August, Britons have increasingly flocked to get fixed rate mortgages .

Mortgage Direct figures highlight that the proportion of fixed rate mortgages went up 20% in the four weeks after the Bank's decision, remaining high all of September.

Moreover, although interest rates are at a five year high, borrowers are stiil more so choosing five-year fixes.

Since August those selecting five year fixed rate mortgages has doubled to 16% of all mortgages .

Fixed rate mortgages are at a high, with a larger percentage of homeowners opting for a fixed rate mortgage for a longer period.

Fixed rate mortgages for a two year period are the most popular form of mortgage, with all fixed rate mortgages comprising 70% of all mortgages sold in September.

The increase in interest rates has ensured a decrease in the number of first time buyers .

The proportion of first time buyers declined from 39% in August to 35% in September.
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