Abbey launches 10-year fixed rate
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The product is available at up to 75% LTV and will be launched on Friday July 4.
The latest Abbey Remortgage Index reveals that 27% of respondents say that if they took a remortgage deal tomorrow, they would choose a five-year fix.
Abbey claims this makes it more than twice as popular as the next most popular type of mortgage, the three-year fix.
The lender also claims that, while demand for two-year fixes is at its lowest level since March, five-year fixes are by far the most popular option.
The number of people saying they want a 10 or 15-year fix has risen to 11% after a dip in the spring - the same number as those who would choose a three-year deal.
The three-year fix has also grown steadily in popularity since the start of the year, although at a slower rate than the five-year fix.
In February just 3% said they would remortgage to a three-year fix, whereas in June this had grown to 11%.
Phil Cliff, director of Abbey Mortgages, says: "The Abbey Remortgage Index gives a really interesting insight into the minds of homeowners at the moment.
“The credit crunch seems to have instilled a long-term vision among home owners who want to make sure they are well and truly out of the crunch period when they remortgage again.”
Cliff adds: “Those who do want to fix for the longer term are well serviced by Abbey. Our new 10-year fixed rate deal is the best in the market at 6.24% and our five-year fixed rate deal is also competitive at 6.49%.”
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