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Brits want fixed mortgages

Friday 22nd February 2008

The majority of Britons would rather have fixed-rate mortgages, according to new research.

Figures from the Fair Investment Company (FIC) show that 57 per cent of people would take out a fixed-rate deal if they had to remortgage tomorrow.

It comes as borrowers seek security in an increasingly turbulent economic climate.

Commenting on the figures, James Caldwell from FIC said that many people are concerned about becoming exposed to the wider economy.

"The public are obviously wary of exposing themselves to the economy at large and are acting accordingly, with a high proportion of people opting for fixed-rate mortgage deals," he explained.

"Despite two base rate cuts in the last two months, people are looking for certainty in their personal finances.

"With a large number of people coming out of existing fixed-rate arrangements back onto lender variable rates, many people are keen to re-fix their mortgages," continued Mr Caldwell.

Abbey recently published research which revealed that many Britons are confused about which type of mortgage to take out.

Anthony Zahra

© Copyright 2007

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