Fixed-Rate deals continue to be the most popular form of borrowing with the 5.2m borrowers account for almost 58% of the marketplace in 2018. This is up from around 52% in 2017. (Source: UK Finance, 2017 & 2018 data)
The next largest grouping, are those sitting on far more expensive Standard Variable Rates (SVR). The average rate for a 2-year fixed deal is around 2.49%. The average SVR is about twice that amount at 4.89%. Therefore, if you’re on an SVR, it’s probably worth having a discussion with us. (Source: Moneyfacts, March 2019 analysis)
In chart 2, you’ll see the differences between those that are simply staying put and remortgaging vs. those that are moving home or are first-time buyers. Interestingly, as a reflection of the changing times we live in, the average age for the first-time buyer has risen over the years. It currently stands as high as 32.
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The post Facts about Residential Borrowers appeared first on The Mortgage Bureau.
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