Fixed-rate popularity falls

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The popularity of fixed-rate mortgages continued to fall in October, with their share of the market falling to 26.3%, according to John Charcol.

This is the smallest market share since November 2008, and a dramatic decline from a peak of 83.1% just four months ago. Drew Wotherspoon, spokesperson for John Charcol, says: "The rollercoaster movement in product choice reflects the rapid change in mortgage pricing and interest rate sentiment over the last year. With the outlook for interest rates little changed over the last month an even higher proportion of borrowers chose a variable-rate mortgage, in most cases a tracker. "The Bank of England's announcement this month of an extension of the quantitative easing programme by a fur...

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