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Home owners keen on fixed rate mortgage deals

Fixed rate mortgage deals the most searched for

Fixed rate mortgage deals are proving most popular on the Which? Money Compare service. 

A huge 76% of people who filtered mortgage results on the website from the start of September 2014 to the end of November 2014 asked to see fixed rate mortgage deals. 

This compared to 11% for tracker mortgages and just 2% for discount variable rate mortgage deals.

Fixed rate mortgages options

Fixed rate mortgages are a good option for people who like the certainty of knowing what their mortgage repayments are going to be. 

Although many economists are not expecting a Bank of England base rate increase until at least late 2015, if you’re looking to buy a house or remortgage, now could be sensible time to take out a fixed rate deal.

There were 976 five-year fixed rate mortgage deals on the market in mid-December and 1,505 two year deals. The lowest rate on the market was a two-year fixed rate deal on offer from The Post Office at 1.37% on a 60% loan-to-value (LTV) mortgage. A five-year fixed rate deal is available from HSBC at 2.48%

Over the past three months a number of mortgage lenders have also launched competitively priced 10-year fixed rate deals. For those with a 40% deposit Santander has a 10-year fixed rate deal of 3.44% and Woolwich has a 3.45% offer. People with a 30% deposit would be able to apply for a 10-year fix from Nationwide at a rate of 3.49%

Tracker mortgages falling

Over the past nine months the number of tracker mortgages on the market has been steadily falling. There were a total of 482 on the market in April 2014, this had dropped to 330 by August. 

In mid-December the figure stood at just 299, with 210 two-year tracker mortgages on offer and no five-year deals. The best rate on offer comes from TSB with a two-year tracker mortgage at 1.09%, tracking 0.59% above base rate. 

Compare the mortgage market

If you’re looking for a new mortgage the Which? mortgage comparison tables let you search hundreds of deals from lenders to choose the best deals based on quality of service as well as cost and benefits.

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