Lenders 'looking to help' with extra mortgage products

Monday, 12, Jul 2010 01:00

Mortgage lenders are bringing more products to the market in an effort to help homeowners, an expert has claimed.

Banks and building societies have come to terms with interest rates being so low and are now seeking to put together suitable packages to satisfy market demand, according to Ben Wilkie, editor of What Mortgage.

He went on to say that this is a sign that mortgage lenders are feeling more confident in the future of the UK housing market.

"I don't think anyone is completely confident yet, but it is certainly a sign that lenders have the ability to fund mortgages and that they are appealing to customers," Mr Wilkie explained.

According to recent data from Mortgage Brain, mortgage packages have exceeded the 6,000 mark for the first time since November 2008.

With the Bank of England maintaining record-low interest rates, take-up of standard variable rate mortgages rose again, up 15 per cent in the last month.