8 Oct

More lenders 'will lower their mortgage deals'

More lenders 'will lower their mortgage deals'

Independent estate agents could stand to benefit if more lenders start lowering their mortgage deals, as one property expert has suggested.

Andy Pratt, chief operating officer at mortgage broker Alexander Hall, said that banks that care about chasing their market share will have to compete with other lenders by lowering their rates.

His comments follow the announcement that Northern Rock, Woolwich and Abbey have all reduced their mortgage rates by up to 0.6 per cent and that other lenders are expected to do the same.

"It is not something that they would want to do because they are running at quite good margins. It depends on its funding," stated Mr Pratt.

This news comes after HSBC recently confirmed that it has extended its two-year 1.99 per cent mortgage deal until the end of this month.

It was also revealed that the bank has made an extra £500 million of mortgage funding available to home buyers who make ten per cent deposits.

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