Moneynet: Banks are managing mortgage demand

Date:Monday 17th August 2009
Author: Max Freedman

Banks are not aiming to take on "big chunks" of mortgage business at the moment, according to a spokesperson from Moneynet.

Andrew Hagger, a representative from the financial comparison site, stated that while lenders are still doing business, they were not actively looking to offer new mortgage deals.

He felt that it would be a while before this situation changes and noted that despite the number of people looking for a mortgage deal, there are not as many available as there have been in the past.

"The banks don't want to take on big chunks of business at the moment, they are trying to manage the demand to an extent," he said.

Mr Hagger described the way banks are handling their flow of mortgages as being on an almost "day-by-day" basis.

Moneynet recently released statistics showing that the number of fixed-rate mortgage deals of ten years or more available had gone down from 137 last July to 39 this month.