Still some good mortgage deals around for some borrowers

According to a recent report there are still some good mortgage deals around for some borrowers, although not all borrowers will qualify for the most competitive deals.

The financial headlines have been dominated with news about the drop in the number of mortgages available, and how this situation is set to get worse.

However, some financial experts state that the news is not all that gloomy for all consumers, adding that there are some good deals to be had.

Officials from mform said that those that meet the necessary criteria set out by the lender could find that they are able to get a very competitive mortgage deal.

One spokesperson from the group said: ‘Mortgage customers are undoubtedly facing challenging times but they are not as bleak as is being painted. People coming off two, three and five-year fixed rate deals this year will face higher monthly payments. However they will have benefited from house price increases and that will have enabled them to build equity and to substantially improve their loan-to-value.’

However, other industry officials disagree, with one stating: ‘Banks and building societies are not surprisingly reviewing their lending criteria and overhauling their risk management programmes in the light of the current market and economic situation with the aim of reducing their exposure to bad debt.’