Fixed rate mortgages surge

clock

Applications for fixed rate mortgages are up 30% from a year ago, on the back of falling rates, new research indicates.

Property firm Your Move finds 85% of arranged mortgages in July were at a fixed rate compared to 55% in 2004, while the period between January and June saw 75% of new borrowers on a fixed rate. Your Move says fixed rates are ‘significantly’ cheaper than variable rate options and the gap is expected to widen following an expected cut in the interest rate next week. Moreover, the savings on 2 year fixed rate deals have increased 13% during July, while almost doubling from the same period a year ago. Meanwhile 3 year fixed rate savings have increased 21% in the last month. This mimics ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read