First time buyers could benefit from mortgage price war

13-Jun-2007

Reports of a mortgage price war set to develop between lenders could prove beneficial to first time buyers should firms begin offer enticing deals.

The Guardian has advised that lenders may be preparing themselves for a more competitive marketplace following the news that Halifax's share of the lending market had fallen to just eight per cent thus far in 2007.
The firm is now introducing new tactical mortgage deals every month in an effort to restore its market share, the newspaper has noted.

"Everyone is starting to think that if HBOS starts to punch its weight it's not going to be helpful for Northern Rock, Bradford & Bingley and Lloyds TSB," said Cormac Leech, an analyst at the stockbrokers Evo, according to the Guardian.

The Financial Times advised this morning that other lenders may also witness their margins coming under pressure, though HBOS has said that it will not make any changes that will affect profits.

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