'Less perks on offer' in mortgage market

The number of "perks" being offered by mortgage lenders is decreasing, as the impact of the credit crunch continues to be felt throughout the market.

That is according to Darren Cook, head of mortgages for Moneyfacts, who claimed that incentives for consumers are now "few and far between" in the mortgage market

He commented: "We didn't see many [incentives] come in over the last 18 months, when the mortgage market was at the peak of a wave [and] banks were up against each other to try to get new business."

Mr Cook said that it is unlikely that lenders will introduce any such perks in the near future, although they may be offered by those banks that already have the facilities to do so.

He conceded, however, that the mortgage market remains competitive, advising those looking for a house purchase loan to shop around to find the right deal.

Mortgages News posted on 15/05/2008 11:15:09