Flat property market means more competitive mortgage products
Annual house-price growth has dipped to a six-year low, according to new figures from the Halifax, with average property-price growth dropping to 1.1 per cent in September.
However, while price growth is fairly flat, there is some good news. With transaction numbers low, lenders are having to work incredibly hard to generate business and stand out from the competition. This means even further cutting of fixed-rate mortgages, with Barclays, NatWest and Leeds Building Society the latest lenders to trim rates this week. Meanwhile, those lenders who can’t compete on price are tweaking criteria instead to make their products more attractive to customers. The result is more flexibility from lenders than we might have seen in the past.
This is excellent news for borrowers and once buyers return to the market, when uncertainty surrounding Brexit is removed from the equation, there are some extremely competitive products for them to take advantage of.
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