People aged 18 to 24 are more than twice as likely to choose a tracker mortgage than any other age group, according to a study by Uswitch.

As part of its mortgage statistics report, the comparison service surveyed over 2,000 UK homeowners from different age groups. It found 17.82% of those aged 18 to 24 had taken on the risk of fluctuating interest rates with a tracker mortgage – a proportion 13.67% greater than the 25 to 34 cohort.

Standard variable rate and discounted mortgages were also much more popular for those aged 18 to 24 (25.74% and 14.85% respectively opted for these). However, while fixed-rate mortgages were the most popular across all age brackets, the survey found they were utilised far less by the youngest homeowners; at least half of every other age bracket had a fixed-rate mortgage – with four in five (80.73%) of 25- to 34-year-olds choosing this type of deal, but only 41.58% of 18- to 24-year-olds opting for one.

Those aged 45 to 54 were the second most likely to choose a tracker mortgage (7.47%). Standard variable rate mortgages were also more popular with 45- 54-year-olds, as the survey found one in five (20.24%) had taken such a plan.

On average, 18- to 24-year-olds spent £1,390.90 a month in mortgage repayments – the highest of all age brackets and 59% more than 25- to 34-year-olds, for whom the average monthly payment was £874.35. Those 55 and older had the cheapest monthly payments, averaging just £763.79.