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Legal & General's latest mortgage index shows that consumers are still choosing fixed-rate mortgages despite the cost of doing so rising.
Its research shows that three-quarters of mortgages were fixed rates in the second quarter of 2008, up from 57% in Q1.
The average two-year fixed rate now stands at 6.51%, up from 5.87% last quarter, with three-year fixes up from 5.84% to 6.99%. The average five-year fixed-rate mortgage now stands at 6.34%, up from 5.82%.
The actual amount people are borrowing has fallen to from 66% loan to value (percentage of a property price) to 63%.
Stephen Smith, Legal & General’s, director of housing, said: “The price of fixed rates and petrol keeps going up and up, yet consumer appetite for both shows no sign of abating.
“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. It shows how risk averse the UK mortgage population is if we still prefer to choose certainty over value.”
Francis Ghiloni attempts to answer the age old question that is particularly pertinent for mortgage borrowers at the moment.
The July/August 2009 issue of Your Mortgage is on sale now. In it we look at the return of higher LTV mortgages, find out about the dilemmas facing first-time buyers, profile London’s largest brokerage and explain how to buy property in France. Get your copy for the latest news, information and help for those looking for a mortgage.
The Your Mortgage Awards aim to reward those lenders that have excelled in providing innovative and competitive products. Widely regarded as the UK's definitive consumer mortgage awards, the Your Mortgage Awards have now been running for 18 years.





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