Fixed rate mortgages have gained consistently in popularity since 2010. Today, nine out of ten mortgage customers opt for a fixed rate mortgage and, within this, an increasing proportion of customers now select mortgage products with an initial fixed rate period of five years or more. We asked mortgage intermediaries why longer term, initial fixed rate products have become so popular.
Here's what they said:
For more insight into the UK mortgage market, take a look at our regular, Financial Adviser Tracking Confidence Tracking Index (FACT) survey reports.