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.

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.