Mortgages Direct says more borrowers are opting for fixed rate deals because they aren’t convinced the low level of base rate will hold.Research compiled by the financial arm of Spicerhaart shows 96% of borrowers opt for fixed rate deals of two to five years. Peter Gladdy, director of Mortgages Direct, says: “With many fixed rate deals being withdrawn and replaced with higher rate deals, albeit still competitive, borrowers are eager to snap up the remaining affordable deals. “Rates for fixed deals have generally increased by 0.2% to 0.3%. But there are still some competitive offers out there, with five-year fixed rate deals under 5% and two-year fixed rate deals under 3% still available. “An increasing number of borrowers are becoming cautious. They are not prepared to take the chance that base rate will remain at the current level and are therefore fixing their loans. Choosing a decent fixed rate is always a good option as borrowers can make substantial savings.” As well as demonstrating caution by opting for fixed rate deals, borrowers are showing a more responsible attitude to debt. The proportion of people opting for repayment deals over interest-only deals rose to 71% from 65% last month.