Current market conditions are creating a change in the demand of certain types of mortgage arrangements, according to the latest data released.  Fixed rate deals are now becoming less popular with those looking to move home.  Fewer fixed rate deals were obtained this September compared with last September.  Even though the difference only amounted to 2%, estimation of a change in base rate is causing a ripple effect already.

Remortgages involving fixed rate deals also fell this September compared with last September.  Almost 90% obtained a fixed rate remortgage this year as opposed to 92% last year.

The change in interest rates is inevitable by most experts’ estimations.  The timing of it occurring is what continues to be a topic of debate.

Brian Murphy with Mortgage Advice Bureau commented on the near future and what it holds for a change in interest rates, saying: "The question of interest rate rises is not an ‘if' but a ‘when'.

"That being said, the Bank of England has made repeated assurances that interest rate rises will be gradual, and this seems to have filtered through to some consumers, who are willing to opt for variable mortgages to take advantage of lower pricing.

"Once interest rate rises become a reality, we may well see consumer preference swing back to longer-term fixed rate products which guarantee a set rate."

Murphy continued: "Buyers who are unsure on their product choices should consider speaking to an independent mortgage broker, who can assess their situation and provide guidance on the best option for them from across the market.