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According to recent research uncovered, those consumers who are after mortgages tend to be leaning more towards the longer term mortgage deals. The allaboutloans website posted research conducted by the Group, which has revealed that a percentage of about 45% of searches initiated via the website, were related to mortgages with loan terms ranging between 5 years or more.
It is also believed that in the days prior to the credit crunch that the demands for these long term deals were significant lower. Francis Ghiloni: marketing and business development director at the site said “Mortgage loans availability had been a serious issue for many consumers in recent months.”
He also said “Given the continuing uncertainty we can understand why it makes sense for borrowers to lock into longer-term deals so that they can plan their future and have a degree of stability and security. They’re opting to take a deal and then sit out the mortgage merry-go-round until it settles down.”
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