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Fixed rates continue to dominate mortgage market

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Some 88% of mortgages were taken out on a fixed rate basis in the first quarter of the year, statistics from the Financial Conduct Authority have shown.
Fixed rates continue to dominate mortgage market

The regulator issued its first ever data bulletin today which showed fixed rate mortgage sales increased 40% between 2012 and 2013, making up nine in every ten mortgages completed in the UK in the first quarter of this year.

Tracker mortgages sales have decreased 47% over the same period.

Repayment-type mortgages continued to grow, increasing in popularity by 22% between 2012 and 2013, whereas interest-only mortgage sales decreased by 15%.

In the first three months of the year the proportion of mortgages with a loan-to-value ratio of 90% or more has was three percentage points higher than the same period in 2013.

Ahead of the Mortgage Market Review the proportion of mortgages already sold on an advised basis was up by four percentage points.

Across all areas of financial services, the FCA said central and Greater London is home to more than a third of all UK-authorised businesses. The South West was the second most popular area for financial firms to locate, hosting 10% of the UK’s total.

The FCA said it had received 748 Freedom of Information requests during the 2013/14 financial year, a rise of 3% on the previous 12 months.

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