New figures released today by the Council of Mortgage Lenders (CML), which show fixed rate mortgages have fallen to their lowest level of popularity in three years, appear to contradict claims made yesterday by Abbey .
The lender said its research showed tracker deals were becoming less popular, while five-year mortgages had seen their popularity double. However, CML figures show the number of borrowers choosing fixed-rate loans fell to 52% in February, the lowest level since March 2005. Meanwhile, the number of homeowners using tracker-rate loans increased from 33% in January to 35% in February. Trackers have boomed in popularity over the course of the year, according to the CML, rising from a market share of just 14% in February 2007. This contradiction illustrates the confusion felt by many lenders...
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