Home-buyers seeking long-term fixed-rate mortgages are struggling to find a good deal, because of the credit crunch. New research shows the number available has dropped significantly with just 39 deals with fixed-terms of 10 years or more on the market. MoneyExpert.com claims there were 137 available a year ago. Overall, mortgages that can be fixed for 10 or more years now account for just 3.5 per cent of all loans, down from 15 per cent in July 2008. Pierre Williams, head of research at MoneyExpert.com, said: "The early throes of the credit crunch sparked a flight to safety as borrowers who had been stung by dramatic rises in the rates on short-term deals turned to the relative security of long-term mortgages. "Lenders were increasingly keen on signing customers up to long-term deals because they felt the products offered some certainty for their mortgage books. "But in the past year the full force of the economic downturn has compelled lenders to reappraise their mortgage books. Long term lending is a thing of the past unless you are a very, very safe bet with a large deposit." However, there is some good news, as recent cuts to the Bank of England base rate have helped to reduce the average interest rate charged on long-term fixed rate deals to 6.14 per cent, down from 6.67 per cent a year ago. Source: ITN News