More homeowners look to lock in 10-year deals

Analysis by data firm Twenty7Tec shows that thousands of people looked to lock into a long-term mortgage deal last month, with homeowners hoping to get in ahead of further interest rate rises. Almost 7,000 people searched for a mortgage with a fixed rate of more than 10 years in April, a 72% increase on the same month last year. There was a 26% increase in the number of borrowers searching for a 10-year fixed mortgage and a 25% spike in those seeking a five-year fix. The respective number of borrowers searching for two and three-year fixed-rate mortgages fell by 35% and 57% year-on-year in April. On average, people are fixing mortgages for a year longer than they were a year ago. 

The Daily Telegraph (04/05/2022)