More competitive remortgage deals on the horizon, says CML expert
www.moneynews.co.uk > Mortgages > More competitive remortgage deals on the horizon, says CML expert
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Money News |
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More competitive remortgage deals on the horizon, says CML expert
Thu 28th Oct 2010
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Bernard Clarke, a spokesperson for the organisation, claimed there are several companies that look set to become more involved in this type of home finance arrangement.
As a result, he suggested the remortgage products could become more competitive.
However, he stressed that the people who will benefit most will still be those who pose the least risk and have the most equity in their property.
Mr Clarke said: "There has been the launch of some quite competitive and attractive remortgaging deals, so we may begin to see some improvement in remortgaging in the coming months."
These comments were made in response to a report by the British Bankers' Association, which indicated that the number of remortgages carried out in September was marginally lower than in August, but still higher than the average for the previous half year.
According to the industry body, 23,820 remortgage deals were completed in September, while there were 23,981 in August and the average for the previous six months was 22,694.
Mr Clarke noted the recent comprehensive spending review is likely to have an impact on the mortgage market, but it is too early to judge how it will affect matters.
In his opinion, it will probably simply give lenders another reason to be cautious about lending.
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