According to the latest data from Yorkshire Building Society, there has been a surge in the number of borrowers seeking fixed rate mortgages ahead of a potential BoE base rate rise next week.
The ratio of fixed rate to variable rate mortgage applications received by the mutual has grown from 35:1 in August to 64:1 in October.
The rise in fixed rate mortgage applications is despite the Yorkshire currently offering its lowest ever discounted SVR with an interest rate of 0.87%.
Simon Broadley, Senior Manager at Yorkshire Building Society, said: “With increasing speculation that the Bank of England could trigger a rate rise this week, our data indicates borrowers are keen to secure a deal before any potential increase.
Despite having the lowest ever variable rate mortgage on the market, our findings demonstrate that borrowers value being able to lock-in to a fixed rate deal and know that their monthly payments won’t change during their initial term.”