Borrowers flock to five-year fixed rates

Abbey also says fixed rates are becoming more popular in general as homeowners seek financial certainty. A survey of almost 1,000 borrowers found 24% would consider re-mortgaging with a five-year fixed rate in April, up from 12% in March. However, the popularity of very long-term deals fell, with 10-year deals dropping to 3% and 15-year mortgages being favoured by just 2% of borrowers. The rise in fixed rate popularity has resulted in the proportion of customers considering flexible tracker products dropping from 8% in March to just 3% in April. Abbey says lenders should brace themselve...