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 ...
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