Borrowers 'choose long-term fixed deals'

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Borrowers in the UK are increasingly choosing long-term fixed rate mortgage deals, according to new research.

The study by Abbey found that one in ten people in the UK would choose a fixed product for ten years or longer if they had to remortgage tomorrow, while nearly a third said they would take up a five-year deal.

Just over ten per cent also stated they would take out a three-year product, which is an increase of eight per cent since February.

Phil Cliff, director of Abbey Mortgages, said the research gives a "really interesting insight into the minds of homeowners at the moment".

"The credit crunch seems to have instilled a longer-term vision among homeowners who want to make sure they are well and truly out of the 'crunch' period when they remortgage again," he added.

Last week, Abbey announced it was reducing the fees on its flexible mortgage ranges.

The company has revealed that it is cutting fees by £1,000 to £1,499.

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