Comment on recent new mortgage deals

Published:

11/11/2009

Topic:

Press Release,Money,Mortgages

Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said; "There has been an encouraging day for mortgage borrowers, with lenders continuing to enter the market with new and competitive products. However, as always, borrowers should check all products carefully, as there are often hidden caveats.

"The latest offering from Abbey shows the importance lenders are placing on relationships they have with their existing customers, something all lenders have traditionally neglected to do in the past. However, consumers shouldn't just be tempted by the 'loyalty' card, as in many cases loyalty doesn't always pay.

"Woolwich continues to provide new and existing consumers with competitive deals, and today's 75 per cent LTV products are another example. There has been a recent flurry of activity on 75 per cent products, which is great news for borrowers with either a 25 per cent deposit or equity. However this does little to help potential borrowers who have not been able to raise the required level of capital, particularly first time buyers.

"Consumers should look at and consider all the deals that are relevant to them, as by doing this they could save themselves a significant amount of money. However, if potential homeowners are struggling to find a lender the loyalty route may be an answer, as their current account provider may be better placed to provide them with a mortgage deal."

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