Popularity of five-year fixed rates 'to increase'

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The popularity of five-year fixed rate mortgages in the UK is expected to increase, according to new figures.

Abbey's research found that in a study of almost 1,000 borrowers, 24 per cent said they would apply for the product if they were to remortgage in the near future.

The statistic was an increase on previous figures for last month, when ten per cent of borrowers said they would be likely to choose a five-year fixed rate.

Abbey has suggested that borrowers may be looking for certainty over a longer of period time by showing interest in the deals.

Nici Audlham-Gardiner, the company's direct of mortgages, said: "Homeowners faced with a dwindling number of mortgage deals seem keener then ever to lock themselves into a deal for longer than two years such as a five-year fix."

Research released by Abbey last month found that fixed rate products were also gaining more favour with borrowers.

In the study, 35 per cent of people said they would opt of a fixed deal if remortgaging tomorrow.

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