Borrowers in the UK are looking for the certainty when it comes to their mortgage deal, according to a recent report from Abbey.
The banking group is convinced that five-year fixed-rate mortgage deals are set to see a significant increase in popularity as consumers aim to find security against additional debt management issues.
In fact, the proportion of mortgage borrowers who would be willing to fix for five years has increased from ten per cent to 24 per cent over the course of the past month.
According to Abbey, this shift in debt management activity has been prompted by the fall in the number and variety of mortgage deals being made available by money lenders in the UK.
"Not too long ago borrowers felt that shopping around regularly was the way to get the best deal, now homeowners faced with a dwindling number of mortgage deals seem keener then ever to lock themselves into a deal," said Nici Audhlam-Gardiner, director of Abbey Mortgages.
Including mortgage arrears, the typical British household currently has just over £57,000 in outstanding debts, according to figures compiled by Credit Action.