Demand for fixed rate mortgages continued to rapidly decline in October, with their share of the market falling to just over a quarter, at 26.3%, according to the latest monthly John Charcol Mortgage Index.

This is the smallest market share for fixes since November 2008, and compares starkly with their recent peak market share of 83.1% only four months ago in June.

Drew Wotherspoon of John Charcol said: “The roller coaster movement in product choice reflects the rapid change in mortgage pricing and interest rate sentiment over the last year. With the outlook for interest rates little changed over the last month an even higher proportion of borrowers chose a variable rate mortgage