More mortgages on offer to "help" Brits

Thursday, July 8 2010

Brits who have been saving their money for some time in order to afford a new home have been given a boost by the arrival of more and more mortgage products on to the market.

According to Ben Wilkie, editor of What Mortgage magazine, lenders are doing this in a bid to "help" borrowers.

"It is certainly a sign that lenders have the ability to fund mortgages at the moment," says the expert.

However, Mr Wilkie warns of a potential danger - many homeowners are now opting for variable deals as they are used to the base rate being so low.

Should this rise, it could force many people to find significantly more cash each month to make their required repayment.

The Bank of England has today (July 8th) announced the base rate will remain at its all-time low of 0.5 per cent - where is has now stayed since March 2009.