Moneyfacts.co.uk: Lenders coming back to the mortgage market

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Moneyfacts.co.uk: Lenders coming back to the mortgage market

Tue 15th Sep 2009

Lenders are coming back into the mortgage market, but it will require bolder moves from them before borrowers see any major change, claimed Moneyfacts.co.uk.

Michelle Slade, a spokesperson for the comparison site, noted that the lack of competition in the mortgage sector is making a difference at the moment and it will need one of the big lenders to cut its rates before they all do.

She pointed out that most of the mortgage deals available at the moment involve paying at least 25 per cent of the value of the property as a deposit, as lenders want to pick out the best customers.

"Lenders may be open for business, but we need more bold moves from some of the bigger players before borrowers start to see any real benefit," Ms Slade added.

A study by Moneyfacts.co.uk indicated that the number of mortgage deals available has increased from 1,209 in April of this year to 1,392 this month.

The Council of Mortgage Lenders recently commented that the lending market in the UK is likely to stay subdued for some time yet.

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