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UK mortgage customers attracted to fixed rate

Date: Tue, 28 Jun 2005

Many UK mortgage customers are attracted to the certainty of long-term fixed rate loans.

The growing demand for long-term fixed rate deals is continuing to force lenders into offering a wider range of loans popular with borrowers.

Nationwide's latest ten year fixed rate mortgage product has succeeding in attracting nearly double its original estimate of applicants as potential home owners try to secure their level of repayments and avoid the hassle of having to regularly remortgage.

"We have had twice as many applicants for this mortgage as originally anticipated," said Nationwide's marketing director, Steve Clode.

"People who take out fixed rates like the certainty of knowing how much they will be paying each month and increasingly people are realising that they don't want to keep remortgaging every couple of years."

The Nationwide mortgage offers customers a rate of 4.89 per cent fixed until 2015.

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