Increased competition could reduce mortgage rates
The current competition in the mortgage market among the major financial institutions could see a host of product rates drop in the near future.
Ben Wilkie, editor at What Mortgage, said that lenders appear happy to lend to people looking to buy a home, which is good news for landlords looking to add to their portfolio.
Mr Wilkie noted that the banks and other lenders are trying to make themselves the best-buy lender on the market, which has not occurred in the past couple of years.
“I think that those people who want to buy will buy because prices are not really falling any further. Property investment will continue to be a good bet in terms of growth,” the expert concluded.
The mortgage market is currently in good shape in the UK, as HSBC recently announced that £4.9 billion in mortgages has already been approved this year for UK borrowers.
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