18 Aug

Lending is happening 'on a day-by-day basis'

Lending is happening 'on a day-by-day basis'

Mortgage providers are looking at their lending on "almost a day-by-day basis", according to a finance expert.

Andrew Hagger, spokesperson at financial comparison site Moneynet, said that banks do not want to take on "big chunks" of new customers at the moment and are looking at their lending with a less long-term view than in the past.

His comments accompany the release of a report by the firm, which reveals that the number of available long-term fixed-rate mortgages reduced from 137 last July to 39 this summer.

"It will be some time yet before we start to see providers expand their product range," said Mr Hagger.

"At the moment they are just managing the flow of mortgages on almost a day-by-day basis."

The news comes after the Bank of England revealed last week that the average cost of a ten-year fixed-rate deal with a 75 per cent loan-to-value ratio remained at 6.26 per cent.

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