Home owners are in need of financial security. Currently, few factors present in the housing market are able to offer such a thing. With Brexit, the addition of new stamp duty, and a possible increase in interest rates next month, home owners are literally throwing their hands up in search of some footing. Now, a new set of data has emerged suggesting a longer fixed rate mortgage option is becoming more popular than some others. The option which is becoming more popular to many property owners is a ten year remortgage.

A recent survey conducted by Mortgage Advice Bureau suggests home owners are becoming more interested in longer term mortgage solutions. More than 35% of those participating in the survey would be interested in a decade long mortgage deal. The reasons for this are twofold.

First, a majority claimed they would obtain a much longer mortgage plan since they would know the monthly outgoing would not change. This offers stability in periods of calm within the economy as well as in times which could be called more turbulent.

The second reason is the protection a longer term fixed rate remortgage provides against changes in the interest rates. Interest rates have the ability to change without much notice given to home owners. Owning a fixed rate mortgage lends protection regardless of what interest rates do. A fixed rate remortgage locks in that rate for the length of the loan.

Although a significant number of survey participants would be interested in a longer term deal, only four in ten people were aware there was such a lending tool available.

Housing experts believe interest in remortgage in general will continue at a strong pace through the end of the year.