here have been a few more positive signs emerge concerning the housing and mortgage markets: Nationwide Building Society's latest house price index revealed that prices rose for the third month in a row in June, while mortgage approvals have risen in five consecutive months according to Bank of England figures.
However, it's not all positive news - consumer confidence and demand might be improving but borrowers are still facing a huge shortage in choice when it comes to mortgages. The number of tracker products available has plummeted 81% over the past 12-months, according to research we've done here at moneysupermarket.com. And even though wholesale borrowing costs are at a 20-year low and the Bank of England base rate hasn't changed since March, mortgage rates are still climbing.
Louise Cuming, mortgage expert at moneysupermarket.com, said: "The fall in the number of mortgages, highlights how the last 12 to 18 months have seen a complete meltdown in the market. Coupled with that, we've got mortgage rates that are completely divorced from the wholesale borrowing rate and to add insult to injury, mortgage rates are at their highest level for months. It's a stark reminder that lenders call the tune and competition is no longer the name of the game."
The advice to anyone looking for a mortgage is therefore: don't hang around.
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