Today’s Daily Mail noted that although many banks and building societies have cut fixed-rates in the past week, cheaper deals are only available to homebuyers who can afford to put down hefty deposits. Experts said that it’s a different story for those with small deposits, as lack of competition and limited appetite for higher-risk lending has left these deals static at much higher interest rates.
The Daily Express revealed that Northern Rock’s pledge to offer up to £14billion of new mortgage lending for the next two years has been billed by the Government as an attempt to kick-start the stagnant home-loan market. The bank has decided to offer loans up to 90 per cent of a property’s value, which will come as welcome news to thousands of potential borrowers.
