Rising interest rates is causing fixed rate products to grow in popularity according to Paragon Mortgages
Latest press release from Paragon Mortgages headlined ‘Longer-term fixes reach record high.’
Paragon Mortgages latest Financial Advisors Confidence Tracking (FACT) Index report, based on interviews with 199 mortgage intermediaries, shows longer term fixed rate mortgages continue to grow in popularity with homeowners opting for five-year products to benefit from better rates.
Paragon Mortgages reveals, the popularity of fixed rate mortgages has been rising steadily since 2011, and now accounts for almost 90% of all products, rising interest rates is causing fixed rate products to grow in popularity.
John Heron, Managing Director, Paragon Mortgages, said: “With interest rates gradually
increasing, after a long period of historic lows, it is not surprising that homeowners are racing to fix the cost of their mortgage for longer terms. Over the coming months, it is likely that we will see a further surge of borrowers locking in to fixed rates before they climb higher.
“It is positive for the buy-to-let market to see application numbers increase after weaker numbers in the previous three quarters. Hopefully this will be a sign of things to come for the buy-to-let market after a period of uncertainty following regulatory changes, reduced tax relief and the uncertainty around Brexit.”
Read the press release from paragon Mortgages dated 12th December 2017 in full click here.
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