This compared to 90% the previous month.
The Spicerhaart Financial Services survey also revealed that the percentage of high loan-to-value loans was particularly high in March, rising to 15% from 13% last month. This increase in the level of clients borrowing 95% or more of the value of their property is a result of general affordability constraints caused by rising prices.
Steve Cox, operations director of Spicerhaart Financial Services, commented: “Borrowers are looking for security against further interest rate rises and are opting for fixed rate mortgages, despite lenders recently hiking rates on their fixed deals. With the announcement that inflation has crept above 3% in April, it is almost certain that there will be a further Base Rate rise in the next couple of months. As a result, we expect there to be a surge of borrowers looking to switch their mortgages to a fixed deal in the forthcoming few weeks during the run up to the next Bank of England announcement on Base Rate.”
