Borrowers are not interested in long-term fixed rate mortgages, an idea being pushed by the Chancellor, according to Paragon Mortgages.
Research from Paragon, involving 200 financial advisers, found products with longer mortgage terms were less popular than short-term deals, with the longest arrangements being the least popular. The advisers were asked to rate the popularity of various fixed rate terms among their customers during March 2007 and in September 2007, with only minor changes noted before and after the credit crunch. The results show two-year deals to be the most popular, closely followed by three-year deals. Five-year deals were quite popular, ranked as third most popular by most advisers. The only short-te...
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