Mortgage brokers expect flexible mortgages will continue to surge in popularity this year...
Mortgage brokers expect flexible mortgages will continue to surge in popularity this year according to research conducted by Britannic Money.
The research shows sales of flexible mortgages increased by 80% over the last 12 months. The mortgage brokers questioned anticipate additional growth of 40% going into 2002.
Rachel Ramsden, Head of Marketing at Britannic Money commented: "2001 was the year for flexible mortgages, when they really came into their own. The success story looks set to continue for 2002 when coupled with low interest rates and the current economic climate, it makes good financial sense for borrowers to select a flexible mortgage."
The survey involved 53 mortgage intermediaries. It revealed flexible mortgages accounted for 28% of their overall mortgage business with the figure expected to rise to 38% in the next 12 months. Other findings showed 85% of consumers are likely to consider a flexible mortgage and 67% of all introducers surveyed said daily interest was key to the increasing popularity of flexible loans while 62% believed overpayments to be equally important.
Ramsden said: "Intermediaries are the best people to gauge the success of mortgage products and the research clearly shows that consumers are choosing flexible mortgages over a conventional product."
The research was conducted by the Survey Shop between 22-26 November 2001.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress