A ten-year fixed rate mortgage launched by Nationwide in April has received over double the amount of applications than was predicted.
It is thought the mortgage is particularly popular since borrowers are becoming increasingly interest in securing their payments long-term.
In addition, the 4.89 per cent rate offered with the mortgage, which Nationwide claims is the lowest on the high street, could also be tempting consumers.
Steve Clode, marketing director at Nationwide, said: "We launched our very low ten-year fixed rate mortgage on April 1st 2005 and have been delighted at the take up.
"People who take out fixed rates like the certainty of knowing how much they will be paying each month and increasingly people are realising that they don't want to keep remortgaging every couple of years."
Customers who apply for the loan will have the same rate up until 2015.
Consumers are increasingly looking for stability, with rates and financial conditions increasingly changing and fixed rate mortgages are proving a popular product that offers this.To read more about fixed rate mortgages, click here.
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