Seven in 10 would consider 10-year fix
Seven in ten house-hunters (72%) would consider fixing their mortgage for 10-years as a way of providing certainty on financial outgoings, according to new research from HSBC.
The research also revealed that millennials are most likely to seek mortgage stability with almost eight in 10 (78%) willing to consider fixing for 10-years, followed by Londoners (71%), those in the North East (62%) and Yorkshire & Humberside (51%).
Tracie Pearce, HSBC’s head of mortgages in the UK, said: “10-years might seem like a lifetime away, yet our research shows that we like to plan ahead and are currently looking for security.
“Fixing your mortgage rate for the long-term offers customers certainty that their mortgage repayments will not increase over that period.”
Despite 10 years seeming a long way off to many, proving how quickly time flies, a quarter of people can correctly recall the biggest selling pop song, ‘Crazy’ by Gnarls Barkley (25%) and the biggest selling film, ‘Pirates of the Caribbean: Dead Man’s Chest’ (21%) from 10-years ago.