| Two-year fixed mortgages dominate, accounting for 47.73% of mortgage searches in October 2024 | Fixed-rate products are highly favoured, making up 92.51% of all mortgage searches | Anticipated interest rate reductions may have caused reluctance toward long-term mortgage commitments |
Two-year fixed mortgages seem to be the most popular among consumers at the moment, according to data1.
In October 2024, two-year fixed rate mortgages accounted for almost half (47.73%) of mortgage searches. Meanwhile, nearly a third of people (31.19%) were looking for longer fixed rate terms of five years. Overall, fixed-rate products made up 92.51% of all mortgage searches – a slight rise from the 91.37% recorded the previous month. With experts anticipating a reduction in interest rates in the coming year and beyond, consumers are perhaps reluctant to enter a long-term deal which could be more expensive in the long run.
Ultimately what’s right for you will depend on your personal circumstances and preferences. Factors such as the stability of your employment, and whether you may have any life changes in the next few years, should be discussed. Do you need short term flexibility or long-term stability? Whatever your requirements we can help you determine the most suitable option for you.
1Moneyfacts, 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.