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Posted by Chris Stevenson

Prospective homeowners are becoming increasingly attracted to long-term fixed-rate mortgages in the present economic climate.

That is the view of Ben Wilkie, editor at What Mortgage, who believes this type of home loan is set to be more popular with individuals attempting to get on the property ladder in the near future.

Mr Wilkie explained that a lot of people are opting for longer-term packages at the current time because of the widespread expectation that interest rates - which have been held at 0.5 per cent since March 2009 - will remain low for a long time.

"For people who want a fixed deal, it is not really about paying the most amount; it is about having security and understanding that their payments will stay the same," he noted.

Earlier this week, the Norwich & Peterborough Building Society unveiled a ten-year mortgage with the lowest rate ever on the market for such a product.

And Mr Wilkie indicated that other lenders will follow suit in the coming months if this proves successful. 

27/01/2012 11:57