When Will Competition Return To The Mortgage Market?
The UK mortgage market has been something of a graveyard for many of the major players over the last 12 months with finance hard to come by and reliable customers even harder to find. So when will we see a return of good old fashioned competition in the mortgage sector? When will we be able to signup knowing that we have a competitive rate AND competitive terms and conditions?
At this moment in time many mortgage providers are literally treading water, very careful not to take on business which will further reduce the quality of their loan books. Indeed we are seeing the likes of the Northern Rock affectively pushing customers out of the door and into the arms of competitors in the market place. There was even a case just weeks ago where a mortgage company were 'paying' customers to move by reducing the value of their loans if they refinanced their agreements elsewhere!
The UK mortgage market has been one of the more competitive in the world for some time and while competition may be difficult to gauge at the moment, it will return when the housing market picks up. Until then it is simply a case of finding the best rates AND the best terms and conditions to suit your situation with the possibility of refinancing your mortgage when business returns to 'normal' levels.
Share this..
Related stories
UK jobless total to reach 3.4 million
A number of forecasters have revisited their jobless figures for 2009 with many revising their figures higher. The general consensus seems to have moved substantially upwards with many forecasting the UK jobless total to peak at 3.4 million in 2009. As we await jobless figures this week it will be interesting to see the extent to which the UK slowdown is being translated into the jobs market and t...
Read MoreUK bankers lobby Chancellor to drop 50% bonus tax
Some of the U.K.'s most senior bankers have joined forces to lobby the UK government into dropping the proposed 50% bonus tax in exchange for a combined contribution, on a voluntary basis, of £2 billion from the UK financial sector. This is set to cause some problems for the UK government as the proposed bonus tax is forecast to bring in around £550 million in its one-off year against a proposed...
Read MoreDo you receive value for money for your council tax?
As we covered yesterday, more and more taxpayers in UK will see local council tax payments increase significantly in the short to medium term due to a shortfall in local authority pension schemes and further pressure on services. The UK government is set to reduce investment in public services, despite initial denials that this would not happen, and taxpayers will be left to foot the bill for any...
Read MoreRegulatory spotlight to fall on absolute return funds
Absolute return funds are to be investigated by the Financial Services Authority (FSA), the regulator has indicated.The funds are a relatively new type of investment vehicle, which promise returns despite investing in the stock market.So far, the products seem to have kept their promises - despite falling markets, the seven funds which have been on the market for more than a year have returned an...
Read MoreIs the UK government supporting the economy?
Today's revelation that UK government finances were far worse than expected in October has forced many analysts and researchers back to the drawing board. City experts had been expecting a £7.1 billion deficit in government finances for October but the figure came in at £11.4 billion. This would suggest that not only are public services and debt financing causing more heartache for the governmen...
Read More