British consumers are becoming increasingly keen to take on mortgage loans that offer long-term assurances about their interest rates, it has been suggested.
A study by the Fair Investment Company concluded that more than a third of Britons would be willing to fix their mortgage rates for a 25-year period in order to avoid the prospect of debt management disaster.
Millions more people would have no problem with entering a deal that fixed their mortgage rates for ten, 15 or 20 years, according to research by the financial services firm.
“A long term deal can provide people more security by reducing the risk involved with having a mortgage, which is particularly important for families with low incomes and for first-time buyers,” said James Caldwell, director of the Fair Investment Company.
Last week, the Council of Mortgage Lenders asserted that around many thousands of British homeowners are set to see their debt management problems worsen when their current mortgage deal expires this year.