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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Increase in Uptake of Fixed Rate Mortgages
Mon, 09 Oct 2006
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