Homeowners would like longer term fixed-rate mortgages on 100 Mortgages

In a recent survey that was taken out, most homeowners have said that they would like the option to have a longer term fixed-rate-mortgage, if they had the choice. The poll which has been taken was conducted by Fairinvestment.co.uk; it shows that 37 percent of the people would rather go for a 25-year mortgage with 28 percent opting for a medium-term fixed mortgage. James Caldwll, director of Fair Investment has said “The fact that the majority of people would go for a long or medium-term fixed-rate mortgage is reflective of the country’s nervousness regarding the current economy and the credit crunch.”

According to Caldwll he said that it seems that many people would rather the long-term mortgage solution, the reason for this is because it will help to provide more security for those who are on a low income, as well as first time buyers. Fixed-rate mortgages are the preferred option with the government. Chancellor, Alistair Darling, has stated that he would rather people have access to such mortgages.

You do have to wonder though if mortgage lenders will want to offer a longer term mortgage; these lenders seem to be a little more jumpy when it comes to offering new mortgages. Although lenders are facing tough times with new mortgages, they have to be very careful as they need to make sure borrowers can afford such payments.

So if you had the choice, would you rather a longer term mortgage?

Related Articles

No Comments
»