Lack of long-term deals on mortgage market

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Brits considering whether to add a conservatory or pool house may be interested to hear the latest figures concerning home loans.

The number of long-term fixed-rate deals on the market has fallen significantly over the last 12 months, the statistics show.

According to data from MoneyExpert.com. there are 39 ten-year mortgages available now, compared to 137 in July 2008.

The products represent 3.5 per cent of agreements on the market – a contrast to 15 per cent a year ago.

Commenting, Moneynet spokesperson Andrew Hagger explained the reduction in the number of such deals may be down to the lack of "appetite" among consumers to commit.

"Im wondering if the take-up in these products wasnt very great and they found that actually there wasnt a demand in any great number for these products," he offered.

Mr Hagger suggested fixed-rate deals are generally a good choice for those on a "fairly tight budget" who are keen on ensuring their payments stay the same.

The lack of such mortgages may lead those seeking such deals to consider staying put and adding a conservatory."ADNFCR-1495-ID-19314401-ADNFCR"

 

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