The fixed rate mortgage has become extremely popular with the British public with around 60 to 70% of mortgage borrowers already on a fixed rate mortgage.
With a fixed rate mortgage you agree to pay a fixed rate of interest over an agreed period of time. There is now a trend to fix your mortgage rates for longer periods of time, which can be a good thing when rates are rising, but over a ten year period or more if rates fall you will not get the benefit.
First time buyers are now opting for fixed rate mortgages more than any other sector and it is not hard to see why. Many first time buyers extend them selves to the limit in order to get on the housing ladder, and they need to know that their mortgage payments will remain fixed. According to The Council of Mortgage Lenders report this year around 87% of first time buyers have opted for fixed rate mortgages, and with the recent interest rate raise and possible further rises in the pipeline it is not hard to see why.
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