Medium term fixed rate deals 'remain popular'

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Medium term fixed rate mortgages are remaining popular with consumers in the UK, according to new research.

The study by the Fair Investment Company found that a third of people would opt for such a deal, which would be fixed for between five to ten years, if looking for a product.

It was also found that a quarter would choose a short term fixed mortgage, while 15 per cent would choose a long term deal.

James Caldwell, director of Fairinvestment.co.uk, said: "The fact that a long term fixed-rate mortgage was still so popular is surprising in the current financial climate.

"The fact that people would still consider fixing at high rates for more than ten years suggests that consumer confidence is low and borrowers are after long term security during unstable times."

It was recently claimed by an expert that mortgage holidays do not affect a borrower's credit rating.

Andy Pratt, spokesperson for advisory firm Alexander Hall, said that as long as the measure is featured within the conditions of an agreement, it is "perfectly alright".

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