You are here: Home - Mortgages - Buy To Let - News -

Fixed rates continue to dominate mortgage market – FCA

Written by:
Some 88 per cent of mortgages were taken out on a fixed rate basis in the first quarter of the year, statistics from the Financial Conduct Authority have shown.

The regulator issued its first ever data bulletin today which showed fixed rate mortgage sales increased 40 per cent between 2012 and 2013, making up nine in every ten mortgages completed in the UK in the first quarter of this year.

Tracker mortgages sales have decreased 47 per cent over the same period.

Repayment mortgages continued to grow, increasing in popularity by 22 per cent between 2012 and 2013, whereas interest-only mortgage sales decreased by 15 per cent.

In the first three months of the year the proportion of mortgages with a loan-to-value ratio of 90 per cent or more has was three percentage points higher than the same period in 2013.

Ahead of the Mortgage Market Review the proportion of mortgages already sold on an advised basis was up by four percentage points.

Across all areas of financial services, the FCA said central and Greater London is home to more than a third of all UK-authorised businesses. The South West was the second most popular area for financial firms to locate, hosting 10 per cent of the UK’s total.

The FCA said it had received 748 Freedom of Information requests during the 2013/14 financial year, a rise of 3 per cent on the previous 12 months.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week