This equates to ten per cent of all intermediary lending in 2007, or £1 in every £10.
During January, half of L&G's business was made up of fixed rate mortgages showing that even though popularity is on the wane, fixes still account for the majority of lending.
This was however down from its high in October 2007 when it accounted for two-thirds of all lending.
Ben Thompson, L&G's mortgages director said: “Our figures for last year look very healthy and we don’t intend to let a slowing market hold us back in 2008.
“Council tax, utility bills and household costs have risen by more than a third in the past four years contributing to a nervousness amongst borrowers about their debt to income ratio. This has resulted in a higher than expected proportion choosing the security of a fixed rate mortgage.”
