More interest rate increases mean we are taking out more fixed rate mortgages .
Recent figures from the Council of Mortgage Lenders (CML) show that record numbers of first time buyers are choosing fixed rate loans .
85% of first time buyers chose a fixed rate mortgage in January, more than ever before, with 70% plus also opting for a fixed rate deal.
First time buyers have gone for a fixed rate mortgage on the whole. An increasing number of borrowers are protecting themselves against this risk, choosing the certainty of fixing their monthly mortgage payments allowing them to pre plan confidently.
Fixed rate mortgages are comprised of 72% of all new home loans in January, the highest proportion in a year, up from 69% in December.
It is also easier to find cheap fixed rate deals than cheap variable rate mortgages .
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Interest Rate Increases Mean A Greater Number of Fixed Rate Mortgages
Fri, 16 Mar 2007
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