Over half of Britons would not consider taking out a 25-year fixed rate mortgage deal, despite a Government initiative to boost the number of long-term deals available, according to Abbey.
The survey of 1,000 Britons found that 54% would definitely not consider taking out a 25-year mortgage. A further 23% were unsure if a long-term fixed rate would be right for them and only 23% said they would consider a 25-year deal. Abbey claims that, of those who would not take a 25-year fixed rate, 27% would not wish to be locked into a mortgage for such a long time. Another 27% of respondents say that uncertainty of the future would discourage them and 18% of consumers thought that interest rates will fall and they will miss out on better deals. Of those who would consider a long-...
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