According to Yorkshire Building Society, the demand for variable rate mortgages has increased despite the recent rise in the Bank of England base rate.
Yorkshire Building Society has confirmed it has seen a marked increase in the number of customers who have opted to reserve a discounted variable rate mortgage deal.
The modest rate rise has not deterred customers and in the week following the base rate rise the percentage of customers opting for a variable rate increased from 3 to 6 per cent.
This could mean that borrowers appear confident that the base rate won’t increase rates at a continual pace, at least for the duration of their intimal mortgage term.
Regardless of the rise in demand for variable rates, the vast majority of borrowers still opted for fixed rate mortgages.
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