The Abbey Remortgage Index July study has found two fifths of homeowners are baffled by the type of mortgage they should pick.

The latest Bank of England Base Rate decision has bewildered many and resulted in a rise in demand for longer fixed term rate mortgages.

Director of Abbey Mortgages, Phil Cliff, commented:

“In times of uncertainty, people want security and nearly half of all borrowers say they’d choose to fix if they remortgaged tomorrow, with most choosing a three-year deal.”