The survey revealed that 57 per cent of the Britons sampled would choose a fixed rate mortgage. These results consisted of 30 per cent of the total respondents reporting that they would favour a short-term fixed rate mortgage while 27 per cent would opt for a long-term fixed interest rate.
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“A fixed rate deal allows homeowners the security of knowing what their monthly repayments will be and therefore to budget accordingly, safe in the knowledge that they are protected from any rises in the Bank of England base rate”, said James Caldwell, director at Fairinvestment.co.uk.
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The survey also found that 23 per cent of homeowners would favour a tracker mortgage, nine per cent would opt for a discounted mortgage, eight per cent would chose a variable rate mortgage and three per cent would go for a stepped deal.
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