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Homeowners 'opting for fixed-rates when remortgaging'
The majority of homeowners in the UK that are planning to remortgage in the next six months are set to turn to fixed-rate deals, it has been suggested.
Research by Santander has revealed that only 13 per cent of consumers are intending to select a tracker deal in the near future, compared to the figure of 33 per cent recorded two months ago.
In contrast, 23 per cent of people are set to select a fixed-rate deal, with half of those particularly planning to take up a two-year product.
Phil Cliff, director of mortgage marketing at Santander UK, said: "Borrowers have seen a large number of highly competitive fixed deals come on to the market recently and with many commentators predicting a base rate rise this year, homeowners now seem more inclined to play it safe with a fixed-rate deal."
According to recent figures published by John Charcol, interest in variable rate homeowner loans is now on the rise.