79% of homeowners would 'opt for fixed rate mortgage'

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Nearly four out of five homeowners would decide to get a fixed rate mortgage if they were to re-mortgage, according to new research.

Abbey's recent findings also claim that 40 per cent of people would prefer a short-term fixed rate, with only nine per cent believing that a 15-year fixed mortgage would be a good option.

Discussing the new study, which was undertaken by online researchers OnePoll, Abbey's director of mortgages Sue Hayes said the results reflected how fixed rates have "always been popular".

Ms Hayes said: "Fixed rates have always been popular in times of uncertainty when people look to gather as much security as they can from their mortgage."

The release of the study comes after recent problems in the credit market have taken their toll on many mortgage brokers' interest rates.

Abbey became the first high street bank to increase its own rates, with brokers including Standard Life also reviewing their own prices because of the problems in the market.

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