There was a 14% rise in fixed-rate mortgages between September and October - with increased interest rates the main cause according to the Council of Mortgage Lenders (CML).
CML director Michael Coogan, said this increase in fixed-rate mortgages represents ‘shrewd borrowing decisions’ from buyers. He added, “It’s encouraging that many borrowers are planning ahead financially and locking themselves into a period of certainty about their monthly mortgage repayments."
With further rises in interest rates predicted for the start of 2007, the percentage of fixed-rate mortgages taken out will almost certainly continue to increase.