Research by independent mortgage broker John Charcoal has revealed that fixed-rate products currently account for 26.3 per cent of the market share, compared to the peak of 83.1 per cent seen in June.
Drew Wotherspoon, spokesperson for the firm, put the figures down to the Monetary Policy Committee’s continuation of the quantitative easing programme, which has stifled moves to raise the base rate.
"There seems a good prospect that borrowers on a variable rate will be able to benefit from rates more than two per cent lower for the time being and then switch to a similarly priced fixed-rate later," he added.
Leeds Building Society recently brought competition to the fixed-rate mortgage market, however, announcing a best-buy deal for homeowners and first-time buyers with a market-leading rate of 4.99 per cent.
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