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Do you expect to see less or more second charge mortgage lenders in 2018?

Fixed rate mortgages account for 83% of market

Fixed rate mortgages account for 83 percent of market

Fixed rate mortgages accounted for 83% of all cases in the last quarter of 2016, according to Paragon Mortgages’ latest Financial Advisors Confidence Tracking Index report.

The preference for fixed rate mortgages is up 2% on the third quarter.

Two-year initial fixed or tracker products remain the most popular products, accounting for 53% of all cases in Q4 2016, up 5% on the same quarter in 2015.

Products for periods longer than two years accounted 46% of all cases in Q4 2016, with five-year fixed mortgages making up 33% of all business in the period.

Paragon also reported a surge in remortgaging, up 7% in 2016, with 39% of mortgages in Q4 being remortgages.

John Heron, managing director of Paragon Mortgages, said: “Our survey data shows increased levels of activity over 2016 driven particularly by borrowers remortgaging to better rates.

“These are as likely to be longer-term fixes as they are short-term deals, which bodes well for customer resilience in an uncertain market.

“Buy-to-let had a very strong start to the year with customers looking to beat the stamp duty deadline.

“There was an inevitable decline in lending in Q2, but volumes have slowly improved as landlords have developed their strategies to mitigate higher taxes on rental income.”

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