The third most popular option is the 10-year fixed mortgage, with 15% of participants willing to lock in a rate for a decade. Yet, the extended commitment period and the potential to miss out on lower rates during the term were concerns for 13% and 11% of respondents, respectively.

Mortgage preferences and reluctances

While fixed-rate and repayment mortgages dominate, the survey highlighted other notable trends. Joint mortgages are considered by 13% of respondents. However, the complications of co-ownership if relationships change deterred 16% from this option.

Tracker mortgages attracted 11% of respondents. The variable nature of these rates can offer savings when base rates are low, but 13% expressed concerns about unpredictable payments and rising interest rates.

Bad credit and guarantor mortgages were the least popular, with only 5% of Brits open to considering these options. Despite 20% of respondents acknowledging poor credit scores, many were deterred by higher monthly payments and interest rates associated with these mortgages.

The survey underscores the diversity of consumer preferences in 2024, with fixed-rate mortgages leading the pack. However, the findings also reveal significant reluctance among some to engage with the mortgage market at all—28% of respondents stated they would never take out a mortgage, highlighting ongoing financial concerns and a cautious approach to long-term commitments in a fluctuating economic climate.