According to financial information site Moneyfacts the mortgage market could be recovering to pre-credit crunch levels. Mortgage rates, the website report, are back where they were in August 2007, before the credit crunch really kicked in.
Despite the lower mortgage rates, and increased competition between mortgage lenders, the costs of mortgage loans remains high. Better rates are only on offer to those borrowers with big deposits, and lenders have increased arrangement fees on most mortgage loans .
The mortgage market is much changed from 2007 in other ways. For instance, there are just 3,748 mortgage loans on the market, whereas August 2007 boasted 13,027. A spokesman for Moneyfacts, Darren Cook, reportedly commented: "The pricing is getting back to where we were a year ago, but the appetite for lending is diminished."
Mortgage rates return to pre-crunch levels
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