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Mortgage market improving

By Matthew Plant - Financial specialist

14 January2010

The mortgage market is improving - in quite a few ways - an article in The Times reports.

The article points out a few significant facts. For example: mortgage rates are falling; competition in the fixed-rate mortgage market is increasing; there were more mortgages available at the end of 2009 than at the start; and mortgage approvals also seem to be up.

In December, the average two-year fixed-rate deal for borrowers with a 25% deposit (according to Bank of England figures) fell to 4.06% - the lowest level since May last year. As recently as September, the average two-year fixed-rate mortgage deal stood at 4.47%.

According to Moneyfacts, the total number of mortgages available grew by 7% throughout 2009.

And the Royal Bank of Scotland has announced that it is currently approving 90% of mortgage applications - a figure that is `in line with approval levels in previous years`.

"The recent falls in interest rates are being driven by growing competition in the market," said Aaron Strutt of broker Trinity Financial Group. "A number of lenders now have competitive rates, a big improvement on six months ago. Many of the recent cuts reflect lenders moving to bring their interest rates back in line with most competitive players in the market."

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Tags: mortgage, fixed rate mortgage, Royal Bank of Scotland, Trinity Financial Group

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