Fixed-rate mortgaegs are the most commonly considered product in 2024, according to new research published by Compare the Market.
The comparison website surveyed 4,950 people across the UK about their mortgage options. The aim was to understand more about the most popular types of mortgages, along with some of the reasons why some are more preferred than others.
While fixed-rate (28%) was the most popular, repayment mortgages were next on the list, with 20% of participants willing to consider this as an option.
Almost one in ten people (9%) said that due to concerns about future rate increases they would not consider a repayment mortgage, while another 9% said lender-controlled interest rates would deter them.
The long commitment period put off more than one in ten of the people surveyed, with 11% saying that not being able to benefit from potential rate decreases throughout their mortgage term meant they would look at alternative products.
In terms of popularity, joint mortgages came next, with 13% willing to consider it as an option.
Of the respondents that would not consider this type of mortgage, 16% felt that dealing with complicated ownership issues if relationships changed would be put them off.
Tracker mortgages were fifth on the list, with 11% of people saying they would consider it.
Bad credit mortgages were the least popular mortgage type, with only 5% of people willing to give it consideration.
This was mostly due to the higher monthly payments which would impact disposable income (12%) and higher interest rates for anyone with bad credit (11%).
Finally, the study also revealed that almost one-third of Brits said they would not be willing to take out a mortgage at all.
