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Fixed rate mortgages grew in popularity in May, with Mortgage Choice recording its third consecutive increase in fixed rate deals – however variable rates still continue to dominate borrower preferences.
Fixed rate loans rose to 7 per cent of all its mortgage approvals during May, Mortgage Choice revealed yesterday, up from 4 per cent in April. It is also the highest level recorded in almost a year.
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The figure is still considerably down on the 38 per cent peak recorded in November 2007, Mortgage Choice said.
