Long-term fixed security 'appeals to homeowners'

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Long-term fixed-rate mortgage deals appeal to first-time buyers and customers across the board, Halifax has claimed today, following the launch of its first 25-year fixed deal last month.

Abbey Mortgages recently released research indicating that most Brits are split over such long term secured loans. While 54 per cent said they would definitely not consider taking out a 25-year fixed rate loan, 23 per cent were unsure and only 23 per cent said they would give it much thought.

However, Paul Fincham, a spokesperson for Halifax, said that the security provided by fixed interest rates was attracting customers. Commenting on the appeal, he said: "It's absolutely across the board … And this is the key here, it's for people who want the security of a fixed interest rate and the peace of mind that comes with that."

Along with Nationwide, the bank is the only high street lender to provide 25-year fixed-rate homeowner loans, which have been encouraged and promoted by the new government. Both lenders offer competitive rates of 6.39 per cent.

"The most important thing from the borrowers' point of view is the fact that the deal is fully portable. So, the mortgage is to your name, not your property," Mr Fincham explained.

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