Fixed rate mortgages accounted for 71% of all loans for house purchase and remortgage in April, up 2% on March, and 17% on April 2005 new data from the Council of Mortgage Lenders (CML) reveals.
The CML says the increasing popularity of fixed rate products reflects attractive deals being offered by lenders as well as the desire among consumers to lock into low-rate long-term deals. The survey also shows loans for house purchase accounted for 46% of all loans in April - up from 43% in March, but slightly lower than the 45% achieved in the same month last year. Remortgaging accounted for 36% of all loans, which is slightly lower than in March, and down by 5% on April 2005. Loans to first-time buyers totalled 30,700 in April while the average first-time buyer loan now stands at £1...
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