19 Aug

Mortgage 'price war' welcomed

Mortgage 'price war' welcomed

A reported price war between two of the largest mortgage lenders in Britain has been declared good news for borrowers.

Responding to a report in the Times that Halifax and Abbey are now engaged in a price war to gain market share, director of finance website fairinvestment.net David Doulton said such an event is a welcome development.

He commented: "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."

Mr Doulton expressed the wish that other lenders will follow this lead and increase the number of lower-cost mortgages, noting that such moves could help financially-stretched consumers.

New mortgage offerings announced yesterday by other institutions included First Direct's launch of a new fee-free offset mortgage, while Cheshire Building Society unveiled cuts to its two, three, five and ten-year fixed-rate mortgages.
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