Mortgage products 'returning slowly'
The number of mortgage products available on the UK market are slowly increasing, new research has found.
According to Moneyfacts, although the number of residential mortgage products is rising again, the dominant products are still those which target borrowers with a 25 per cent or more deposit.
Such an amount may still prove too high for some would-be first time buyers, who may find flats to rent in Hammersmith and other parts of London are a more affordable alternative, particularly as prices in the capital are typically higher.
Michelle Slade, spokesperson for Moneyfacts, said: "The lack of any real competition in the market is still having a huge impact. None of the big lenders seem to want to be the first to cut rates as they are worried they will be swamped with applications."
The news comes after Paul Holmes, chief executive officer of Firstrung, stated that the cost of a mortgage in the UK was "obscene".
Written by Ben Carter
Published 15th September, 2009
© 2009 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Mortgage products are beginning to return to the market again, but Britons concerned about their finances may wish to continue renting.