28
Jul
Long-term mortgages 'more popular'
Many house buyers are opting for long-term fixed-rate mortgage
deals, it has been revealed.
According to MoneyExpert.com, the ongoing economic difficulties
have led more homeowners to consider long-term mortgages, with the
number of people signing agreements with terms over ten years
doubling in the past 12 months.
Director of the website Sean Gardner stated that such mortgages
offer "safety" and "certainty" following the recent rises in
interest rates available on home loans.
"Long-term fixed-rate mortgages are no longer an oddity. And with
competitive rates of interest in some circumstances they may well
be worth considering," he added.
MoneyExpert.com also noted that while the number of mortgage
products on the market has decreased in the past year, there has
been a rise in the amount of long-term deals available to house
buyers.
Last week, figures from the British Bankers' Association showed
that mortgage approvals fell by 23 per cent between May and
June.