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Consumers 'need to search for good deals'
8.08.2008
Good mortgage deals may be coming back onto the market for people that can find them, according to the Times.
The newspaper reports that the peak rate of the average mortgage came last month when they were 7.08 per cent while this has now fallen to 6.9 per cent.
David Page from Investec commented to the Times: "We are not expecting that better mortgage availability will be enough to resume pre-crunch activity levels, but time is a great healer."
However, the newspaper revealed, it can be difficult to find the right mortgage deals, with banks that would have given people with poor credit histories 125 per cent cheap mortgages.
In addition, it is important to find the best mortgage deals because fees have increased and so borrowers should seek advice over which of the cheapest mortgages will save them money, the Times reported.
CityWire has revealed that despite the maintenance of rates at five per cent, some mortgage rates are coming down, with ING Direct currently offering the lowest level of interest.
The newspaper reports that the peak rate of the average mortgage came last month when they were 7.08 per cent while this has now fallen to 6.9 per cent.
David Page from Investec commented to the Times: "We are not expecting that better mortgage availability will be enough to resume pre-crunch activity levels, but time is a great healer."
However, the newspaper revealed, it can be difficult to find the right mortgage deals, with banks that would have given people with poor credit histories 125 per cent cheap mortgages.
In addition, it is important to find the best mortgage deals because fees have increased and so borrowers should seek advice over which of the cheapest mortgages will save them money, the Times reported.
CityWire has revealed that despite the maintenance of rates at five per cent, some mortgage rates are coming down, with ING Direct currently offering the lowest level of interest.