New figures have revealed 92% of mortgage borrowers took out a fixed-rate mortgage during March this year, as lenders slashed their mortgage rates to record lows.
Data from the Mortgage Advice Bureau found the number of people choosing to fix their mortgage over various terms grew from 75% in March 2012, taking full advantage of both low rates and wider availability of home loans.
The percentage of people taking out a purchase mortgage increased by 11% during the same month, pushing the overall purchase figure for the first three months of 2013 up by 26%, compared with quarter four of 2012.
Activity from borrowers across the mortgage market was up by 22% compared with March 2012.
Such significant increases in activity have been linked directly to a number of lending initiatives launched by the Government over recent months, intending to give the struggling mortgage and housing markets a much-needed boost.
Mortgage rates have continued to fall steadily since the £80 billion Funding for Lending Scheme was launched in August last year, with its 39 participating mortgage lenders clambering to offer borrowers the most competitive rate.
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