Fixed rates 'remain popular'

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Fixed rate mortgages are remaining popular with borrowers in the UK despite increases in their price, according to an expert.

Stephen Smith, director of housing at Legal & General, stated that there has been a "huge jump" in the number of people choosing the products in the first quarter of this year.

He added that this was despite research showing that, over the period, average two-year and five-year rates have risen by 64 and 52 percentage points respectively.

"It shows how risk averse the UK mortgage population is if we still prefer to choose certainty over value," he explained.

"Three quarters of the people that went through our Mortgage Club to get their residential mortgage chose a fixed rate compared to just over half three months ago."

Recent research by the Council of Mortgage Lenders found that fixed rate deals grew in popularity during April.

It was also revealed that the average first-time buyer put down a deposit of 13 per cent in the same month.

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