Two-thirds of applications received by Abbey for Intermediaries in a recent week were for fixed-rate mortgages, showing borrowers are looking to fix ahead of a rise in bank rate.
An email with business splits, seen by Money Marketing, shows fixed-rate product applications increased by 9 per cent to 64 per cent of all new business.
Tracker mortgages made up 31 per cent of applications and flexi mortgages comprised 5 per cent.
Remortgage products rose by 7 per cent to 46 per cent of all new business while first-time buyers made up 18 per cent of new applications. Existing customers made up 5 per cent of new business.
The firm’s most popular product for the week in January was a two-year fixed-rate remortgage at 2.99 per cent up to 60 per cent loan to value. This was followed by a two-year tracker remortgage product at 2.29 per cent up to 60 per cent LTV.
London & Country head of communications David Hollingworth says: “We have seen a lot of people enquiring about fixed rates. I think that overall enquiry levels are up by about 40 per cent.”