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Variable rate mortgage stages comeback

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by Gill Montia

Mortgage borrowers are becoming less fearful of interest rate rises and opting for variable rate loans in larger numbers.

July figures from John Charcol show that while fixed-rate deals retained their popularity, variable-rate mortgages, such as tracker or discounted loans, made up 35% of all mortgages arranged through the broker, compared to 17% of the market in June.

The swing reflected a sharp rise in fixed rates during the month, eroding the potential of a fix to protect against future rate rises.

The figures also show that borrowers taking out large loans were more likely to opt for a variable rate.

Commenting on the scale of the change, the firm’s spokesman, Ray Boulger, explains that fixed and capped rates took a record 84% of the firm’s business over the four months to June.

Finally, the broker has noted a “modest increase” in the availability of tracker and discount mortgages for people with deposits of less than 25%.

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News posted: September 1, 2009

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