She discussed how long-term fixes have flourished over the last 25 years, as buyers wanting to fix in July 1989 had seven options from banks and building societies.
Today there are 2,181 fixed rate mortgages on the market, outnumbering the 769 variable and trackers by almost three to one.
Waycot said: “As we enter a time of uncertainty with regard to rate rises, stress tests to assess affordability and bank of England loan to income multiples, fixed rate mortgages that offer a certainty of monthly payments, are likely to become the white knight of the mortgage industry.
“However, the questions of ‘how long’ and ‘when should I fix’ are unlikely to go away.”
The cheapest rate on the market is currently West Brom Building Society’s 2-year fix at 1.58%, a far cry from the cheapest in June 1989, when National Westminster Bank offered their 3-year fix at 12.40%.
The average house price in 1989 stood at £55,000, yet today it has spiralled to £260,000.