Fixed-rate mortgages 'rising in popularity'

Those looking for advice on buying a house might be interested to learn that fixed-rate mortgages became more popular in June.

This is according to the most recent figures from the Council of Mortgage Lenders (CML), which indicated that 48 per cent of those choosing to borrow organised such an agreement.

During the month, house purchase lending went up by 19 per cent in volume compared with May, reaching a total value of �7.6 billion.

This equates to a 23 per cent rise in worth and perhaps signals that consumers are taking advantage of falling fixed-rate prices.

Furthermore, the CML statistics showed there were 136,000 house purchase loans as a whole during the second quarter.

Comparatively with the previous such period, this is a 20 per cent rise in volume and value.

Elsewhere, Sue Anderson, head of member and external relations at the CML, recently suggested transparent pricing should be implemented in order to help consumers obtain the right property deal.

Posted by Cheryl Bennett
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11/08/2010 17:08

News category: Property

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