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The Financial Services Authority (FSA) has announced plans for a significant restructuring of the authority. We will see the retail and wholesale divisions merged into one business unit, risk...
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Tuesday 12th August 2008
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. |
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