“Unsurprisingly, borrowers are reluctant to commit to today’s rates for the long term, despite the payment certainty these products can offer.”
He said: “Unlike homeowners in some other countries who routinely fix their mortgage rates for decades, British borrowers want the security of a fixed monthly repayment but value the flexibility of shorter-term deals.
“Regardless of the volatility of the last few years many seem to be positioning themselves for a future where mortgage rates are lower than they are today.”
Mary-Lou Press, president of NAEA propertymark, said: “What’s particularly interesting is that we’re seeing buyers place a greater emphasis on flexibility than simply securing the lowest rate available.
“Many borrowers are conscious that their circumstances may change over the next few years, whether that’s moving home, upsizing or reviewing their borrowing position, and shorter-term fixes can provide more options when those decisions arise.
“That said, borrowers should avoid making decisions based solely on rate forecasts.”
Press added: “Affordability, future plans, and potential early repayment charges remain key considerations, making professional advice more important than ever in today’s market.
“This trend also reflects a housing market where confidence is improving.
“Buyers appear more comfortable making long-term property decisions without feeling the need to lock into a mortgage product for five or ten years.”