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Women more likely to fix mortgage

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16/06/2015
53% of women surveyed would switch and look for the certainty of a fixed rate mortgage compared to 45% of men according to a survey from Equifax.

The study found that 53% of women surveyed would switch and look for the certainty of a fixed rate mortgage compared to 45% of men.

The survey also found that women were more likely to have fears over the amount they can borrow. Almost three quarters of women (74%) worried about the size of their mortgage compared to 66% of men.

When considering their personal finances, men were more concerned about the amount of time it would take to process a new mortgage application.

Currently around 90% of homebuyers choose fixed rate mortgages and Lisa Hardstaff, credit information expert at Equifax, said people were looking to fix their payments.

“It seems, from our research, that women are more likely to play it safe, when it comes to the type of mortgage deal they would choose in the event of a rate rise,” she said.

“A fixed rate mortgage offers protection from future rises which seemed to appeal to over half of the women we surveyed.  And with industry figures showing that more than 90% of homebuyers and those re-mortgaging are buying fixed rate deals, it appears the women who responded to our survey are in good company.”

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