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Fixed rate mortgages take a tumble

Sales of fixed rate mortgages continue to fall according to figures from the Council of Mortgage Lenders.

Reseach by the CML shows fixed rate sales as a percentage of all new loans declined to 36 per cent in April from 39 per cent the previous month.

But the Council predicts this downward slide would come to an end if there were an upward move in short term interest rates.

Remortgages as a proportion of total business also fell to 26 per cent in April from 28 per cent in March.

The figures also cast a shadow of doubt over the widely held perception of a buoyant housing market. The number of loans used for house purchase actually fell in April to 95,000 from 99,000 in March.

The CML statistics revealed the average new variable rate in April was 5.53 per cent, while the average fixed rate was 5.58 per cent.


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