Fixed rate mortgages prove popular

The latest figures from The Council of Mortgage Lenders show that fixed rate mortgages accounted for 54% of all loans in August, which is the highest proportion ever since monthly records began in 1998.

Leeds Building Society has reported that its 10 year fixed rate mortgage at 4.65% is proving extremely popular with customers.

Jeff Kirk, corporate relationship manager at Leeds Building Society, says: “The average fixed rate in August was at 5.23% compared to an average variable rate of 5.61%. Our 10 year fixed rate offers your clients peace of mind, the ability to budget and the flexibility to pay off 10% of the balance each year without penalty. All this, combined with full portability, meaning a customer can move home and continue to benefit from a fantastic rate of only 4.65% have made this product very attractive.”