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Mortgage market set for recovery?

Tuesday, 1 June 2010 10:00 AM

Competition is returning to the mortgage market, according to a leading financial website.

Mortgage deals are becoming more attractive to borrowers and competition is also returning to the market, analysis by Moneyfacts.co.uk has revealed.

However, website spokesperson Darren Cook believes that although this may appear the "perfect platform" for a mortgage market recovery, the prospect of an increase in the Bank of England base rate of interest provides borrowers with "little incentive" to seek a new mortgage deal.

He explained: "Borrowers who have gained from a mortgage interest windfall and absorbed their savings into their monthly expenses may need to start preparing if interest rates go up as quickly as they came down.

"A spiralling inflation rate, which could be aggravated by the predicted rise in VAT, can only point towards a Bank base rate increase sooner rather than later."

Earlier this month investment property firm Assetz suggested that now is a very good time to remortgage, because there are some particularly attractive deals available.

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