Mortgage war is ‘good news’
The mortgage war between two of the UK’s biggest lenders is good news for borrowers says Fair Investment Company director David Doulton.
The Times reported the two have gone head-to-head to attract new borrowers, especially those with lots of equity.
Mr Doulton said: “This is great news from our two biggest lenders for those homeowners who have enough equity or a big enough deposit to be eligible for these deals.”
Mortgages have become harder to secure after lenders themselves have struggled to get hold of cash. High street banks and building societies have tightened borrowing conditions hoping to prevent any future non-payments.
He explained that lenders can help consumers in times of difficulty and help bring rates down.
“Times are tough for British households, and mortgage lenders are in a position to ease the current conditions in the mortgage and property market.”
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