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New research has revealed a preference for long-term fixed-rate mortgage products, it has emerged.
According to the findings of the Fair Investment Company, while 28 per cent of individuals would opt for a mortgage with a medium-length fixed-rate term, a further 37 per cent would be happy with a fixed-rate mortgage term of 25 years.
"The fact that the majority of people would go for a long or medium term fixed rate mortgage is reflective of the country's nervousness regarding the current economy and the credit crunch", said James Caldwell, director at financial comparison site FairInvestment.co.uk.
Mr Caldwell also noted that mortgage payments across the UK are rising as a consequence of existing fixed-rate mortgage deals coming to an end.
In related news, during the Budget speech last month, the chancellor confirmed his desire to promote fixed-rate mortgage products with terms of 25 years.
