Mortgages offering perks 'are not common'

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Mortgages offering perks 'are not common'

Banks and building societies are restricting incentives in their mortgage policies, a financial expert claims.

Despite Lloyds TSB launching a new 'airmiles' mortgage earlier this month, head of mortgages at Moneyfacts Darren Cook is sceptical other lenders will do the same.

According to the financial information firm, the number of mortgage products available has slumped from 7,931 at the beginning of the year to just 3,906 by the end of April.

The shrinking market means perks are unlikely to be a priority for policy-makers, Mr Cook says, and consumers are being forced to expect less.

He explains: "If you take six or seven months ago, [the market] was very competitive. The banks were going out to find business.

"Now consumers [need to] find a bank that's prepared to lend to them."

Lloyds' airmiles mortgage was launched on May 7th 2008, offering borrowers 6,000 airmiles upfront and a further 50 with each monthly repayment.
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