28 May

Mortgage market 'becoming more competitive'

Mortgage market 'becoming more competitive'

The UK's mortgage market has become more competitive recently, according to one organisation.

Moneyfacts.co.uk noted that the criteria imposed by lenders is "steadily being loosened" and the availability of loans is rising.

Spokesperson for the organisation Darren Cook suggested that the conditions at present should make for the "perfect platform" for a resurgence in the sector.

He also advised that now may be a good time for consumers to overpay on their home loans due to minimal interest rates.

Earlier this month, the Bank of England's Monetary Policy Committee opted to keep the base rate at its historic low of 0.5 per cent.

Mr Cook added: "Mortgage revert rates as low as 2.5 per cent have meant borrowers should have taken the wise decision to overpay their mortgage."

Any rises in rates would not be welcome news for consumers who have outstanding home loans, the representative went on to point out.

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