The Prime Minister has made clear his enthusiasm for introducing a 25 year fixed rate mortgage amongst the already vast range of mortgage options available to home buyers today. It has been suggested that this long-term fixed mortgage could be a valid way of stabilising the current state of the UK housing market.
However Abbey Mortgages have completed a survey on this very topic and have found that UK homebuyers are more reluctant than the Government about the popularity of this option.
From the article:
‘Abbey surveyed 1,000 people and found that only 23% could confirm they would consider a 25-year fixed-rate mortgage’
This type of mortgage is commonplace in other european countries but from the results given many of the respondents (54%) said they would not consider this type of mortgage due to the uncertainty of future interest rates.
Read more from the article here Finance Markets
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