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Cheaper mortgages to increase house moves


Cheaper mortgages are being initiated by UK mortgage lenders to stimulate house moves.

A latest report by Alexander Hall, the mortgage advisor states that UK mortgage lenders might attempt to increase market share by making their mortgages cheaper to prospective buyers.

"The interest rate is probably not going to go any lower and we know where we are now, so what you are starting to see is a bit more competition coming in to the market between the lenders”, Commented chief operating officer Andy Pratt.

He went on to say: "They are actually lowering their rates to gain more market share."

The financial website Moneyfacts reported that 12 per cent of mortgage lenders actually planned to pass on the interest rate cuts to potential borrowers.

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