Mortgage bargains to be had - but be quick
Mortgage bargains have been around for a while now and many say despite the credit crunch that mortgage borrowers have never had it so good. A surge in the number of mortgage products available in 2011 saw lenders loosen their criteria but, with the deepening Euro zone crisis, experts are warning that the good deals on offer could begin to disappear.
There are already strong signals that the good news in the mortgage market may not last but, not everyone agrees that the mortgage market is headed for a chillier 2012.
Many major lenders are looking to at least match their current lending levels into 2012. There are also some new major entrants to the mortgage market in 2012. Virgin have bought Northern Rock and have some ambitious plans, and the Co-op are in the process of purchasing lots of the old Lloyds branches. These new entrants should increase competition between mortgage lenders.
Latest figures show that UK banks and building societies offered 3,523 mortgage deals at the end of 2011 compared with 3,038 in June and 2,869 at the start of last year. Furthermore, the price of the home loans on offer is currently much more competitive than a year ago. In particular, competition in high loan-to-value mortgages, which is usually the preserve of first-time buyers, has increased.
However, the danger posed by the eurozone has prompted experts to suggest that rather than waiting, now is the time to hunt out the best mortgage deal.
