Fixed rate mortgage tripple

Demand for fixed-rate mortgages have tripled in six months, according to the Abbey.

The mortgage lender found that homeowners are three times more likely to take a three-year fixed-rate mortgage than they were six months ago.

Now, 52 per cent of people would opt for a fixed-rate deal, compared to 35 per cent six months ago.

Five-year deals are losing popularity, which Abbey believes shows that borrowers are more optimistic that mortgages will remain affordable in the short-term.