Homeowners like to know how much they’re paying
The overwhelming majority of people buying a property in February opted for a fixed rate mortgage, according to figures from the National Mortgage Index from Mortgage Advice Bureau.
The numbers show 96% chose to fix their mortgage rates, suggesting there is an understanding that what is being described as ‘the golden age of low priced mortgages’ could soon be drawing to a close.
The rise in numbers comes despite an increase in average fixed rate mortgages; both two and three-year deals have started to rise after hitting record lows in January while five year fixes have been steadily climbing over the past six months.
Lynne McCaffrey can understand why so many people buying a property prefer to know what they’re paying:
“Fixed rates have always been the most popular type of mortgage amongst buyers and remortgagers. This is completely understandable; while many of us might like the odd punt on a horse or football match, this inclination certainly doesn’t stretch to something as significant as our mortgages and with finances continuing to be a little tight for many being able to know exactly what you’ll be paying is key to successfully managing a budget.
“And for those of you who are a fan of knowing what you’re paying you’ll particularly like our online quote calculator. Simply enter a few details including the property price and we’ll provide you with a free, all-inclusive quote for our conveyancing or remortgage services. This includes all compulsory disbursements such as search fees and Stamp Duty Land Tax, the charges others tend to exclude in the first instance as they attempt to lure you in with an attractive headline price.
“Because of this we may not appear the cheapest at first glance. But just like a tracker with some conveyancing fees you can’t always be sure what’s round the corner.”
Content correct at time of publication