Mortgage competition "hotting up", says moneysupermarket.com

Date:Thursday 22nd October 2009
Author: Max Freedman

Price comparison site moneysupermarket.com has informed borrowers that competition is becoming fiercer in the mortgage sector.

Mortgage spokesperson for the company Hannah-Mercedes Skenfield stated that the number of remortgage searches being carried out on the website in September showed an increase for the first time this year.

She said: "It would seem that competition is certainly hotting up between the major players and that the impact of aggressive mortgage rates being introduced is indeed having the desired impact."

Ms Skenfield made her comments following the news that Woolwich has cut its mortgage interest rate.

Another important aspect of the move, she explained, is that the lower-rate deal is available to people who require 80 per cent loan-to-value, which it was not previously.

This week, Ms Skenfield claimed that a recent increase in remortgage searches could be down to the high-profile mortgage launches from Woolwich and HSBC, which could soon turn into purchase completions.