18 Sep

More mortgage deals are "always good"

More mortgage deals are "always good"

It is "always good" to have more deals on the market, according to one property expert.

Ben Wilkie, editor at What Mortgage magazine, said that he hopes lenders will follow the lead of HBSC, which claims that call volumes have increased by 78 per cent since it reduced mortgage rates.

His comments follow an announcement by Woolwich that it is introducing a one-year tracker mortgage with a rate of 1.98 per cent.

Contracts became available yesterday with a loan-to-value of 60 per cent.

"The HSBC one is different [to the Woolwich mortgage] because HSBC is direct only, whereas with Woolwich you can go through a broker for it," stated Mr Wilkie.

This news comes after the Council of Mortgage Lenders recently reported that the number of mortgage approvals has seen its first year-on-year rise since early 2007.

It revealed that there were 56,000 home loans in July 2009, which constitutes an increase of 24 per cent from June 2009 and 19 per cent from July 2008.

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