Mortgage market 'is more competitive'

Thursday, March 11 2010

Confidence is returning to the lending community and mortgage rates are now more competitive.

This is according to Andy Pratt, chief operating officer at Alexander Hall, who claims that lenders are looking to offer more money to buyers.

He explained that it is good news for those who meet lending criteria, because they will get a good deal on their mortgages.

Although a larger deposit is required by many lenders, which could mean that people miss out on the chance to purchase property.

First-time buyers that can borrow money from parents or perhaps get a guarantor mortgage "are in one of the best positions for a long time to be able to afford the monthly payments", he added.

According to the latest Bank of England Lending to Individuals report, there was a rise in the money borrowed in January.

The total net lending secured on dwellings increased by £1.5 billion between December and January and the 12 month growth rate went up to 0.8 per cent, it was noted.