The firm’s head of residential lending, Tim Anson, said this was particularly true of first-time buyers, as it would help them as they adjusted to the financial challenges of managing a household.
However, he warned: “Whilst interest rates remain at historically low levels borrowers do need to consider that their fixed-rate deal may look uncompetitive in a few months time should rates start to fall back.”
Figures provided by the Council of Mortgage Lenders (CML) suggest that while the majority of mortgage borrowers still take out fixed-rate deals, an increasing number of people have been switching away from them in anticipation of rate cuts.
The CML recorded that 68 per cent of deals were at a fixed-rate in October, compared with 72 per cent in September.
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