CML: Borrowers switch back to fixes

Thursday, 11 June 2009 12:00 AM

Take up of fixed-rate products increased further as the interest rate cycle has now reached its floor, according to new data from the Council of Mortgage Lenders. In April, 69% of borrowers took out fixed rate mortgages with an average rate of 4.83%, the highest share since June 2008.

The full release is attached and available from the website here: http://www.cml.org.uk/cml/media/press/2310

Full historical tables are available on request from the press office.

NOTES TO EDITORS

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.1 trillion.

2. The May RMS data will be published on 9 July 2009.

3. Data source: CML/BankSearch Regulated Mortgage Survey.

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