October Sees Fall in Fixed Rate Loan Popularity

Fri, 21 Dec 2007

The Council of Mortgage Lenders have released their figures from October, with the number of fixed rate loans taken out down by 4 per cent on the previous month. The level of fixed rate loans stood at 68 per cent in October compared with 72 per cent in September, as variable rate loans look set to increase in popularity due to the expectation of interest rate cuts in the coming months.

The tightening of credit standards has seen loans and mortgages become less affordable, with interest payments accounting for the largest proportion of income since 1991. Around a fifth of first time buyers’ income went towards mortgage interest in October, whilst at 17.6 per cent, movers are also contributing the largest proportion of their income to repayments since 1992.
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