This equates to 10.3 million people plumping for a fixed rate compared to the 2.8 million who would opt for the tracker.
Tracker mortgages are undeniably riskier, but it seems that the stability of a fixed monthly repayment is proving to be a bigger pull factor.
Two-year fixes are still the most popular type of product, mitigating against the short-term fluctuations in interest rates yet not tying the borrower in for too long should the base rate drop. Abbey's research showed that 2.7 million people would go for these.
More interesting is the proportion of those fixing long-term. 2.4 million borrowers would opt for a ten-year fix, whilst 1.8 million would opt for a fifteen-year fix - showing a larger demand than anticipated.
Advice is still paramount though as 58 per cent stated they would be unsure about making their final decision when it came to the headline rate. Four per cent of mortgagers – over 1.3 million people – would choose their lender’s standard variable rate.
Nici Audhlam-Gardiner, head of Abbey Mortgages said: “The research suggests that continued talk of economic gloom has had two effects on borrowers – they are either determined to take the more stable option or are confused about the best mortgage option to take.
“The continued interest in longer term fixed rate mortgages reflects customers’ confusion over what will happen in the markets short-term, and also some fatigue with the two-year remortgage effort and costs.
"Borrowers need to be sure however that the deal they take out is right for them and that they understand the different types of mortgages available before signing up to anything.”
