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Fixed rate homeowner loans 'fall in popularity'
The popularity of fixed rate mortgages in the UK continued to fall in November, new research has revealed.
According to figures published by John Charcol, only a fifth of the broker's clients chose to take up such a homeowner loan during the month, which is five per cent lower than figures recorded in October.
It is believed that the current level is the smallest market share for fixed rates since October 2008 and marks a significant drop from the figure of 83.1 per cent seen in June this year.
Ray Boulger of John Charcol claimed the cost of both fixed and variable rates fell in November due to rising competition between lenders.
He added: "In this uncertain world things can change quickly and so we have advised many of our clients to take a lifetime tracker rate with low and only short term early repayment charges so that they are in a position to switch quickly to a fixed rate if the interest rate outlook changes."
The Council of Mortgage Lenders recently revealed that gross mortgage lending in the UK reached an estimated £12 billion in November.