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Five-year fixed rates rise in popularity
The popularity of five year fixed rates is set to soar in the coming months, according to Abbey.
According to new research by the lender, borrowers' appetite for five-year fixed rates has increased, with 24 per cent of customers stating they would opt for this type of product if re-mortgaging tomorrow.
Just one month ago only 10 per cent of consumer's said they would consider a five-year fixed product.
Despite recent reductions in the base rate, the lender has also predicted a limited take up of tracker products.
Abbey's research revealed that just 5 per cent would opt for a tracker product in the current climate. This was compared to 12 per cent last month.
