The most commonly considered mortgage type in 2024 was fixed-rate (28%), research from Compare the Market has revealed.
Compare the Market surveyed 4,950 consumers across the country about their mortgage opinions, revealing which types of mortgage are the most popular, as well as the reasons why some people may be reluctant to consider them.
The second most popular mortgage type was a repayment mortgage, which 20% of respondents said they would consider.
Nearly one in 10 people (9%) said they would not consider a repayment mortgage due to concerns about future rate increases, and another 9% said they would not because of lender-controlled interest rates.
In third place was a 10-year fixed mortgage, which almost one in six said they would consider.
More than one in 10 people surveyed said they felt put off by the long commitment period, and 11% said they would not consider this due to not being able to benefit from potential rate decreases throughout their mortgage term.
Joint mortgages came next in terms of popularity, with 13% considering this option.
Of those who said they would not consider this type of mortgage, 16% said this was due to the complicated ownership if relationships change.
Rounding out the top five most commonly considered mortgage types was the tracker mortgage, with 11% of people saying they would consider it.
The least popular mortgage type was found to be a bad credit mortgage – as only 5% of people said they were open to this mortgage type.
People mainly said they would avoid this because of higher monthly payments and therefore less disposable income (12%), and higher interest rates for those with bad credit (11%).
According to the study, close to one-third of Brits said they would not take out a mortgage.
