Demand for longer term fixed rate mortgages rises in the UK

This has seen the popularity of longer term fixed rate deals surge.

Over the last 12 months, the remortgage market in the UK has transformed with demand for fixed deals surging while the popularity of variable remortgages has plunged, new research has found.

‘It’s hard to ignore the attractiveness of fixed rate products at the moment.

Demand for variable products fell to just 5% of the market share in October compared with 19% in the same month in 2016, according to the latest report from conveyancing service provider LMS.

Indeed, demand for five year fixed deals made up a record 50% of all of October’s remortgage transactions, over double the 19% seen in the previous year.

With variable products unable to deliver the security consumers are seeking, this means fixed rate products are set to stay at the top of the leader board for the foreseeable future,’ he added.