19
Aug
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.
