8
Oct
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.
