Mortgage Purchase Index published
20 June 2008
Financial services provider Legal & General has published its second report in the Mortgage Purchase Index series and found that consumers show no signs of losing their appetite for fixed-rate deals in the second quarter of 2008.
Stephen Smith, director of housing at Legal & General, comments: "There has been a huge jump in the number of homeowners opting for fixed rate mortgages despite the significant increase in rates, particularly for two and three year deals."
He suggests that this is an indication of how risk-averse UK mortgage buyers are, noting that they prefer to opt for certainty over value.
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Figures from the firm indicate that nearly six-in-ten (58 per cent) of buy-to-let mortgages were on a fixed rate, in comparison to just over a third (35 per cent) in the first three months of 2008.
In other news that may be of interest to those looking to compare popular mortgages, it was recently suggested by Abbey Mortgages that more than two million Brits plan to move house to take advantage of the current market situation.
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