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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.”
Rob Davies explains how best to use the Internet to get a good mortgage deal
The March/April 2010 issue of Your Mortgage is on sale now. In it we look at the pros and cons of Mortgage Payment Protection Insurance; we list the 10 golden rules that every first-time buyer should know; weigh up the relative merits of fixed rates and tracker mortgages and explain how equity release schemes can help older homeowners. Get your copy for the latest news, information and help.
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 20 years.





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