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Fixed-rate homeowner loans 'falling in popularity'
The number of people taking up fixed-rate mortgages in the UK fell during November, new figures have revealed.
Mortgageforce's latest research found that fixed-rate homeowner loans accounted for only 29 per cent of all purchases and remortgages over the month, which is a five per cent decline on figures from October.
The statistic represents a significant fall from June, when fixed-rate products were found to account for 75 per cent of all approved homeowner loans in the UK.
Katie Tucker, technical manager for Mortgageforce, said the decision as to whether borrowers should take up a fixed deal is "more personal now than ever".
She added: "This means borrowers should firstly take whole of market advice to ensure the best selection is available to them, and secondly, choose their rate based on their own personal ability to afford potential increases in the rate in the next few years."
According to recent figures from the Council of Mortgage Lenders, the number of homeowner loans approved in the UK reached its highest level in two years during October.