Long-term fixed rate mortgage deals are becoming increasingly attractive to British homeowners, a new survey has revealed.

Abbey Mortgages said that one-in-three people would select a product which offered a fixed rate of five years or more if they had to remorgtage their home today, with 2.5 million opting for a five-year product, 1.1 million choosing a ten-year deal and 1.5 million interested in a 15-year fix.

However, the number of people who would consider a two-year fix has plummeted since the summer, with just 12 per cent of homeowners saying they would choose this type of deal now, compared to 40 per cent earlier this year.

Nici Audhlam-Gardiner, head of mortgages at Abbey, commented: "You never know what’s going to happen in the future, but at least if you''ve committed to a long term fixed deal, you know where you are going to stand with your repayments.

"Borrowers need to be sure however that the deal they take out is right for them and that they understand the different types of mortgages available before signing up to anything, " she added.

The chancellor, Alistair Darling, has much attention on long-term mortgage products, suggesting they are a way to make purchasing a home easier for young buyers.