Countrywide customers seeking solace from fixed rates

The top 10 most sourced products by Countrywide customers were dominated by fixed rate mortgages this week.

The average rate for a tracker mortgage has increased by 0.18% since August 2011 and the average rate for a short-term fixed mortgage has risen by 0.14%, leading to new homeowners seeking the security of a fixed rate mortgage, despite the bank base rate remaining at record lows.

The top 10 mortgage products sourced by Countrywide customers this week highlighted the broad mix of competitive mortgages with the most sourced mortgage being a Santander mortgage (using Abbey for Intermediaries) with a 75% LTV at a rate of 3.54%.

Nigel Stockton, financial services director at Countrywide, said: “Rates are likely to continue to rise as pressures in the Eurozone and liquidity in the wholesale funding markets continue well into the New Year. Despite these rate rises