Over a quarter (28%) of Brits said they would consider a fixed rate mortgage, making it the most popular product type, Compare the Market has found.

The company’s mortgage survey of 4,950 UK consumers revealed that over 72% of people would consider making the decision to take out the financial commitment.

The fixed rate option is guaranteed by a set rate for an agreed amount of time and is beneficial for anyone who needs to stick to a specific budget.

However, the most common reasons for not considering this type of mortgage were no benefit from potential rate decreases throughout the mortgage term (9%) and the long-term commitment period required (8%).

The second most popular mortgage type was a repayment mortgage, which one in five (20%) said they would consider. With this type of mortgage, part of the monthly payment is used to pay off some of the initial amount borrowed, and the other part is used to pay off interest.

Despite its popularity, almost one in 10 (9%) said they wouldn’t consider this option due to concerns about future rate increases and another 9% said they wouldn’t choose it because of lender-controlled interest rates.

The 10-year fixed mortgage was also a common option, with one in six (15%) saying they would consider it. However, a similar proportion (13%) were put off by this option due to the long commitment period, while 11% said they would not be able to benefit from potential rate decreases during their mortgage term.

Following the research, Compare the Market said: "Owning a property can often be a really great investment to have if it’s feasible. For anyone who is looking to get on the property ladder, it’s worth comparing mortgage options available to you to see what could be right for your circumstances."

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