Short-term fixed-rate mortgages are becoming less popular with homeowners, according to What Mortgage.

Ben Wilkie, editor at What Mortgage, explained that long-term deals were more attractive than short-term deals because there is a bit of a "gamble" with the latter.

People speculate that when taking out a short-term fixed-rate mortgage, interest rates will rise, meaning they will be better off.

"Because everyone thinks that the Bank of England base rate is going to be so low for such a long time, it is not really worth taking a short-term fix, so the longer-term ones are more attractive," Mr Wilkie expanded.

"For people who want a fixed deal, it is not really about paying the most amount; it is about having security and understanding that their payments will stay the same and that they don't have to worry about it over the coming years."

He added that more long-term mortgages would be offered by lenders if a trend began to emerge.

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Posted by Graeme Pieterson

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