Fixed rate popularity on the wane

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The popularity of fixed-rate mortgages declined even further in November, according to John Charcol, with only 21.3% of its clients choosing a fixed rate.

This is five percentage points lower than the October figure and most clients who opted for a fixed rate took a two-year fix, with nearly all the rest choosing a five-year deal. This is the smallest market share for fixed rates since October 2008 and continues the dramatic decline from their recent peak market share of 83.1% only five months ago in June. Ray Boulger, senior technical manager of John Charcol, said: "The cost of both fixed and variable rates fell in November as a result of some increased competition from lenders. Although fixed rates fell a little further than tracker...

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