Flexible loans are proving popular because of the changes in UK consumers'
lifestyles, according to Yorkshire Building Society.
Yorkshire says changes in working practices mean that over 50 per cent of
its loan applications are for flexible products.
The society set up its flexible mortgage last November and says the quick
take-up is due to demand among consumers for more flexible products.
Yorkshire says figures from the National Office of Statistics highlight
why demand is changing.
The figures show the number of self-employed people has increased by 60
per cent to 3.25 million in 1998 from 1.8 million in 1979.
The amount of women returning to work within a year of having a baby has
trebled to 845,000 in 1998 from 587,000 in 1992.