Jun
12

UK Market Report – Borrowers Switch Back to Fixes

The Council of Mortgage Lenders figures show a 16% increase in lending for new homes in April, bringing the figure to its highest since October (although still 28% lower than this time 2008).

Take up of fixed-rate products increased further as the interest rate cycle has now reached its floor, according to new data from the Council of Mortgage Lenders. In April, 69% of borrowers took out fixed rate mortgages with an average rate of 4.83%, the highest share since June 2008.

Source: Council of Mortgage Lenders

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