Halifax mortgages publish key findings on fixed rates

Date:Monday 22nd February 2010
Author: Susanna Kavka

Halifax has released key findings into how fixed-rate mortgage products have become the nation's preferred product since they were introduced 21 years ago.

Since they were first released in the late 1980s, fixed-rate mortgages have grown in popularity, with the Council of Mortgage Lenders reporting recently that in 2009 they accounted for 68 per cent of the market.

It is thought that this popularity was in part down to the historically low interest rate and buyers looking to protect themselves against Bank of England base rate increases, although in the past the popularity of the option has mirrored rising rates.

Stephen Noakes, mortgages commercial director at Halifax, commented: "Ever since their introduction 21 years ago, fixed-rate mortgages have been fundamental for homeowners looking for certainty and stability in managing their household expenses."

Further research from Halifax also found that house prices doubled during the 2000s, despite a fall of more than one fifth between mid 2007 and mid 2009.