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Is the mortgage market for turning?

Thursday 14th January 2010

January is usually quite predictable. Tighter clothes, a social graveyard (just me? oh) and quiet resolutions on how to make this year better than the last.

But this year, the mortgage world also shook off its torpor at lightning speed.

Lenders slashed fixed rates in the first week of January. Chelsea, Coventry, Halifax, HSBC and Nationwide all set to it, with ITL mortgages expanding its range to include 85% Loan to Values.

Yorkshire Building Society also launched a 3.19 per cent one-year fix this week, followed by a spate of product and exclusive launches from other lenders. Bank of China bolstered its hand in all three residential, commercial and buy-to-let markets with a range of competitive lifetime tracker products. RBS Intermediaries followed today with its new range, including a three year fixed rate at up to 90 per cent LTV and a shared equity product offered at up to 75 per cent LTV at 4.99 per cent.

Is the market turning? Not only are lenders pushing back into neglected corners of the market like buy-to-let and shared equity, but also LTV s are markedly on the rise again.

RBS IP and Bank of China both also put markers down showing commitment to the intermediary market this week with exclusive product launches.

If brokers can offer more competitive products, they can steal a march on the high street. Let’s hope more lenders follow – as they surely must if they want to compete for volume.

Dual pricing in the brokers favour is not a cheap tactic. It’s a way to ensure customers get the right advice and a best-in-show mortgage tailored to their needs. From a Treating Customers Fairly (TCF) perspective, surely for lenders, setting out their stalls on exclusives is the right way to go?

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