Halifax fixed rate Mortgage Monday, 22nd February 2010

Halifax launched its first fixed rate in November 1988, with other products coming onto the market throughout 1989. By 2009, according to CML figures, 68% of new mortgage lending was on fixed rate products.
So,Halifax has published research into the fixed rate mortgage as its just over 21 years since the launch of the fixed rate mortgage.By February 1989, there were 12 fixed rate products from 12 lenders, compared to over 1300 fixed rates from 69 lenders today. Over 1500 fixed rate products were available at the peak of the market in 2007.In 1989, there was a difference of 1.05% between the highest available fixed rate and the lowest rate. That compares to 4.84% in today’s market.
In the early months of the fixed rate mortgage, terms of two years were the standard option, with just three or five year options occasionally available.
The average fixed rate in February 1989 stood at 12.55%. In 2007, when the availability of fixed products was at an all time high, this was at 6.33% - compared to 5.38% in 2010.The first fixed rate mortgage offered a rate of 12.75% when it was launched by Halifax in late 1988. The highest ever Halifax fixed rate stood at 13.85%, launched in 1990, compared to the lowest ever fixed rate at 1.99% in February 2007.To mark the coming of age of the fixed rate mortgage, Halifax has launched a new 21 month fixed rate product.
"In today’s market, borrowers can select their product based on a number of factors - including the term, type and rate. It’s easy for us to take that level of choice for granted, but before the introduction of fixed rates, borrowers simply didn’t have access to the same options. Ever since their introduction 21 years ago, fixed rate mortgages have been fundamental for homeowners looking for certainty and stability in managing their household expenses, and this is an important milestone to mark." Stephen Noakes, mortgages commercial director at Halifax, said.