§ Mr. Matthew TaylorTo ask the Secretary of State for the Environment, Transport and the Regions, pursuant to his answer of 13 July 2000,Official Report, column 567W, what proportion of (a) all mortgages and (b) the total value of mortgages, were new mortgages on (i) fixed, (ii) discounted variable and (iii) other variable rates in each year from 1994 to 1998. [131325]
§ Mr. MullinThe proportion of new mortgages that were fixed rate, discounted variable rate and other variable rate is provided in the table.
139W
1994 1995 1996 1997 1998 Percentage of new mortgages by number Fixed 49.4 30.7 20.5 41.2 49.9 Discounted variable 28.5 49.1 47.2 30.3 28.8 Other variable 22.2 20.2 32.3 28.4 21.3 Percentage of new mortgages by value Fixed 51.5 33.8 18.2 45.4 53.1 Discounted variable 26.0 45.3 47.9 27.2 26.0 Other variable 22.5 20.9 33.9 27.4 20.9 Note:
Figures may not sum to 100.0 due to rounding
Source:
DETR 5 per cent. Survey of Mortgage Lenders
Most fixed rate mortgages will revert to variable rate mortgages after an agreed period of anything from six months up to 10 years.