Abbey finds conservative mood in mortgage preferences
Many buy to let and other mortgage holders are looking to fix their rates for longer, Abbey said today.
The mortgage provider has released a new study, showing that ten per cent of home loans seekers are looking to extend the length of their fix to ten years or more - up on previous ratios.
Moreover, the popularity of short-term two-year fixes has also dropped to a three-month low, signalling a new conservatism among buyers.
This has been brought on, in part, by the ongoing credit crunch - features of which have been the volatility of the financial markets and uncertainty over whether or not interest rates will be cut or raised by the Bank of England.
Phil Cliff, director of Abbey Mortgages, commented: "The [research] gives a really interesting insight into the minds of homeowners at the moment."
He added: "The credit crunch seems to have instilled a longer-term vision among homeowners who want to make sure they are well and truly out of the 'crunch' period when they remortgage again."
The mortgage provider has released a new study, showing that ten per cent of home loans seekers are looking to extend the length of their fix to ten years or more - up on previous ratios.
Moreover, the popularity of short-term two-year fixes has also dropped to a three-month low, signalling a new conservatism among buyers.
This has been brought on, in part, by the ongoing credit crunch - features of which have been the volatility of the financial markets and uncertainty over whether or not interest rates will be cut or raised by the Bank of England.
Phil Cliff, director of Abbey Mortgages, commented: "The [research] gives a really interesting insight into the minds of homeowners at the moment."
He added: "The credit crunch seems to have instilled a longer-term vision among homeowners who want to make sure they are well and truly out of the 'crunch' period when they remortgage again."
