Moneygate

Best Deals in Changing Mortgage Market - Moneygate

The market may be improving for would-be householders, but getting a mortgage still remains tougher than it has been for years. Whilst the signs are that banks and building societies are beginning to move in the right direction in lending more cash, they are still asking for high deposits from consumers.

However, according to Moneygate, there is a long way to go and the market is far from what it was pre-crash.  Rate cuts have helped and some lenders are offering deals that require deposits under the 25 per cent mark, but more is needed to get the market back on track.

Annabel Green, of national IFA www.moneygate.co.uk, said: “The general feeling is that the worst is over and a more stable economy and finance sector is helping the situation.
“There is still a long way to go but more products are working their way into the market with every passing week.”

Since the start of the year, fixed rates have seen the best cuts as they were relatively expensive in comparison to tracker mortgages. Those who can raise a 25% deposit can take their pick from two-year fixed mortgages ranging from about 3.2% to 4%.  Some five year fixed mortgages have also dipped below 5 %. Trackers still attract the best rates, but they will rise as the base rate creeps up, which it will from a record low of 0.5%.

For those who can’t raise deposits of 25%, some fair deals for 15% mortgages are coming back on to the market.

For more information go to www.moneygate.co.uk