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Mortgages -
Fixed rate mortgages increase by 64 per cent - 12/05/2008
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More than three quarters of UK mortgage borrowers had selected fixed rate mortgages, in April; up by 64 per cent than in March, according to mortgage brokerage John Charcol.
The increase in fixed rate mortgages, is said to be down to their cheaper prices; some between a quarter to half a per cent cheaper, than tracker mortgage deals.
The number of first time buyers in the market fell in April, with those making new applications for mortgages now amounting to four per cent of the market, compared to seven per cent in March and less than half of last year’s average of 10 per cent.
Katie Tucker, technical manager at John Charcol, said: “Not only has mortgage choice been all but eradicated above 90 per cent loan-to-value, but the biggest lenders are charging interest rates around three quarters of a percent higher for borrowers who aren’t supporting the purchase with at least a 25 per cent deposit.”
She also added: “This means that a £150,000 mortgage costs around £93 more in interest every month for someone using only a 10 per cent deposit, compared to a borrower taking £150,000 mortgage with a 25 per cent deposit.”
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