Parts of mortgage market 'have become static'

Date:Thursday 6th May 2010
Author: Max Freedman

Sections of the mortgage market appear to have become static, according to a spokesperson, who suggested that it may be because lenders are waiting to see what happens in the general election.

Darren Cook explained that the average shelf-life of a new mortgage product reached 30 days during April, which is almost double the 17 days such financial tools were available for in March.

In his view, lenders are keeping one eye on the general election taking place today (May 6th) to see how the result affects the mortgage market, which he feels is recovering.

However, Mr Cook added: "Lending figures show us that there is still a lack of motivation from either new borrowers or lenders to transact in the current climate."

He also stated that only a handful of organisations are actually cutting their interest rates at the moment. recently revealed that mortgage interest rates hit their lowest level for a year in April, with spokesperson for the website Michelle Slade claiming that lenders are becoming more active in the market.