Shorter-term fixed rates – up to five years – were, unsurprisingly, the favourite choice of borrowers and a quarter of all respondents said nothing would convince them to take out a long-term deal.

Those who favoured longer-term fixed rates cited the reason for their choice as peace of mind in case rates go up (37%) and helping people to manage their household budgets (35%). But borrowers would be discouraged from the deals because of the chance of losing out if interest rates went down (46%), being locked in to the same lender for a long time (35%), lack of flexibility (27%) and inability or cost of making early repayments (26%).

Bob Pannell, CML head of research, commented: “In the absence of a major policy intervention from the government, the take up of long-term fixed rates looks set to remain relatively small for the foreseeable future, and the most we are likely to see is some movement from short-term to medium-term fixed rates.”