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Borrowers prefer fixed mortgage rate products

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Fixed mortgage rate deals are increasing in popularity among first time buyers , homeowners and those looking to find a remortgage .

According to a new study, 85 per cent of people who were looking to find a mortgage in July opted for a mortgage or remortgage that offered a fixed mortgage rate , property website Your Move found. This is compared to 55 per cent of mortgage applications in the same month last year. This is attributed to what mortgage lender Bradford Bingley calls a fixed mortgage rate war, which has seen mortgage lenders reducing mortgage rates at a steady rate over the last few weeks.

This competition among mortgage lenders, together with widespread assurance that interest rates face an imminent cut, has made fixed mortgage rate deals the best option for first time buyers, homeowners and those looking to find a remortgage.

Speaking to This is Money, Your Move's Jon Round commented that savings on fixed mortgage rate products continued to climb steadily to record levels. He said fixed mortgage rate deals comfortably outstrip those on variable rates.

Research confirmed that by switching from a variable mortgage rate to a deal offering a fixed mortgage rate, the average mortgage holder could save up to �2,000.

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