Homeowners seek security in long-term mortgages

The number of homeowners looking for long-term fixed rate mortgages has soared over the past year as they aim to protect their finances from rising interest rates. Lenders have been pushing up interest rates following four base rate increases by the Bank of England since December last year. Further rises are expected in coming months as the Bank tries to rein in soaring inflation. Searches for ten-year fixed rate mortgages have risen from 2.9% of all mortgage searches in May last year to 14.2% today, according to comparison website MoneySupermarket.

Daily Mail