Popularity of Fixed Rate Mortgages On The Up

Latest figures from the Financial Conduct Authority reveal that almost 9 out of 10 mortgages were taken out on a fixed rate basis in the first three months of 2014.

The data showed fixed rate mortgage sales increased by 40 per cent between 2012 and 2013, making up 88 per cent of UK mortgage completions in the first quarter of this year.

Unsurprisingly the once popular tracker mortgage is no longer in vogue with the number sold down by almost 50 per cent over the same period.

Repayment mortgages continued to grow, increasing in popularity by 22 per cent between 2012 and 2013, however the much maligned interest-only mortgage has witnessed a decrease in sales of approximately 15 per cent.

The number of mortgages with a loan-to-value ratio of 90 per cent or greater is only marginally up on quarter one of 2013.

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