More mortgage choice for borrowers - Mortgages - News |

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

More mortgage choice for borrowers

More mortgage choice for borrowers

Category: Mortgages

Updated: 16/12/2009
First Published: 16/12/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Mortgage finance appears to be becoming more readily available after a drop in the proportion of cash home buyers was revealed.

According to LSL Property Services, a rally in mortgage-backed house purchases is underway, with just a third (33%) of residential property bought in September being paid for in cash, compared with 37% in October last year.

Meanwhile, Countrywide Mortgage Services has attributed a 43% increase in mortgage applications in November to the ongoing fall in interest rates.

Although fixed rate mortgages remained most in demand, the number of applications for tracker mortgages were found to have increased for the fourth consecutive month, rising by 8% in November alone.

Activity in the remortgage market was also up, showing a 5% increase from the previous month.

The figures support data recently revealed by which showed the number of residential mortgages available to borrowers had increased by 34% over the last eight months.

At the start of December, the average two year fixed rate mortgage deal was also found to have fallen below 5.00% for the first time since June. It stands at 4.89% today.

A quarter of all two year fixed rate deals are now available at a rate below 4.00%.

"Lenders finally appear to be putting the 'open for business' sign back in the window and bringing competition back to the mortgage market," said Michelle Slade, spokesperson for

Compare two year fixed rate mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Building societies winning the mortgage rate war

Competition is fierce in the mortgage market, and borrowers may assume that the rates from banks will be significantly lower than those elsewhere. However, things aren’t as they seem, as building societies are the winners of the mortgage rate war.

Homemover numbers fall for first time since 2011

The mortgage market enjoyed a record year in 2016, so it may come as a surprise to hear that the number of people moving home has fallen for the first time in five years, with fewer apparently taking advantage of the market.

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.