Fixed rates grow in popularity

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Fixed rate mortgages are becoming increasingly popular with consumers in the UK, according to new research.

Abbey's latest findings reveal that 35 per cent of people would opt for the product if re-mortgaging tomorrow, which is up from similar figures compiled at the start of February.

Five-year fixed rates are particularly popular, with five per cent more respondents now saying they would opt for such a deal.

Around 12 per cent of homeowners would also opt for a tracker if they need to re-mortgage.

Nici Audhlam-Gardiner, Abbey Mortgages' director, said: "The findings from our latest re-mortgage index show that the appetite for fixed rate mortgages remains high despite widespread agreement that rates have further to fall this year.

"We expect that economic uncertainty is contributing to this trend as people try to take control over their outgoings."

Previous research by Abbey found that around two-thirds of British homeowners felt it was difficult to choose their next product if they had to re-mortgage.

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