Darling's words strike borrower chord

Of those surveyed by the firm, 37 per cent would take out a 25-year fixed rate product whilst a further 28 per cent would opt for a medium-term product.

Certainly the amount of column inches given over to 'payment shock' borrowers and their current predicament has reflected favourably on longer-term mortgage products, as has the Chancellor's public backing.

"The fact that the majority of people would go for a long or medium-term fixed rate mortgage is reflective of the country's nervousness regarding the current economy and the credit crunch", added James Caldwell, director at FairInvestment.co.uk.

"A long term deal can provide people more security by reducing the risk involved with having a mortgage, which is particularly important for families with low incomes and for first time buyers, who often have no or little equity."

Some are not so convinced though, with 25 per cent believing that a short-term fixed rate deal is still the right option to suit their individual needs. Six per cent would steer clear of fixes in favour of variable rate products.

Caldwell said that at the moment, interest rates are dictating the uptake of long-term products.

He concluded: "If the base rate keeps dropping then those who opted not to fix the interest rate on their mortgage will be better off. However, if the rate goes up, then the more cautious people who opted for a fixed rate deal are protected from such fluctuations in the economy."