More homeowners are choosing longer-rate mortgage deals, according to a report from Abbey.
Figures from the latest Abbey Remortgage Index indicates five-year fixed-rate mortgages are the most popular deal (27 per cent of those questioned) and ten per cent of customers are choosing ten-year fixed-rate deals.
Demand for two-year fixed-rate deals has dropped to its lowest rate since this March, whereas three-year deals have grown in popularity from three per cent in February to 11 per cent last month.
Phil Cliff, director of Abbey Mortgages, said the index "gives a really interesting insight into the minds of homeowners at the moment".
"The credit crunch seems to have instilled a longer-term vision among homeowners who want to make sure they are well and truly out of the `crunch` period when they remortgage again," he added.
Abbey`s statistics show fixed-rate mortgages are more sought-after than tracker or flexible deals, but the number of two-year tracker mortgages has doubled in the last two months.
