Mortgage market now offers 'wider range of products'

Residential landlords in the UK could be among those who are benefitting from a "wider range of products" in the mortgage market, it has been suggested.

Recently-published research into fixed-rate mortgages has revealed that the cost of such products has continued to decrease over the last 21 years.

According to the study, conducted by Halifax, average fixed rates have decreased from around 12.5 per cent, at the time of their introduction in 1989, to around 5.3 per cent in 2010.

Stephen Noakes, mortgages commercial director at Halifax, said: "It's easy for us to take the level of choice for granted, but before the introduction of fixed rates, borrowers simply didn't have access to the same options.

"Ever since their introduction 21 years ago, fixed rate mortgages have been fundamental for homeowners looking for certainty and stability in managing their household expenses and this is an important milestone to mark."

Recent Council of Mortgage Lenders figures show that fixed rate deals account for around 68 per cent of new mortgage lending.

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