The Council of Mortgage lenders recently reported that an amazing 71% of all mortages and remortgages in April 2006 were arranged on fixed rate terms, thats 17% higher than the same period last year. The increasing attraction of fixed rate deals is a product of the attractive offers being made by lenders together with a desire by consumers to lock-in to the current low rates for as long as possible.
The balance shifted slightly towards new mortgages and away from remortgages, possibly a symptom of lenders making the benefits of remortgaging less attractive to existing borrowers the recent increases in exit fees almost certainly a factor here. (That increase is currently under regulatory investigation by the way) First-time buyer mortgages grew in size slightly to an average of 106,400, thats almost 12,000 higher than April last year. First buyers are now borrowing an average of 3.21 times their earnings, which is also slightly up on last month. The average mortgage payer now spends 16.2% of their income repaying their mortgage, slightly less than previously and probably caused, the Council says, by the increased take up of fixed rate deals.
There has also been a...
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