People continue to choose fixed rate mortgages
More people are choosing to fix their mortgage, according to our National Mortgage Index (NMI).
There was a 0.7% increase in the proportion of buyers who opted to go for a fixed rate product in January, with 94.7% electing to sit on a fixed rate.
When compared to the number of people fixing last year, the NMI shows that fixing is now 1.6% more popular than it was a year ago, when 93.1% decided to.
These results are likely down to the Bank of England Governor, Mark Carney, claiming that the Ban k of England Base Rate is to stay longer than previously forecast – reinforced by the Monetary Policy Committee voting unanimously to keep the Base Rate at its record low for the 83rd consecutive month.
Inflation also slightly increased to 0.3% in January, meaning that it is now expected that interest rates will continue to remain low, with many economy experts not predicting a rise until 2017.
Head of lending at Mortgage Advice Bureau, Brian Murphy, adds: “Although Mark Carney has suggested that the Base Rate is once again likely to stay lower for longer than previously forecast, remortgage activity has remained resilient with borrowers encouraged by further falls in mortgage product pricing.
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