The mortgage lending battle between banks is now in full swing and borrowers stand to benefit.  Those looking to borrow are now seeing rates more affordable than at the beginning of the summer buying season.  Speculation as to when the base rate will increase has prompted the competitive rate war.  It looks as if the base rate will be changing possibly later in the year, according to many close to the housing market.  The minutes of the last Bank of England meeting were released reflecting this notion.

Not only are banks lowering their mortgage lending rates, they are also adding to the number of loan deals which are available for those looking for a loan.

A record number of products are now available to assist those looking for a mortgage loan.  More than 12,200 loan deals are obtainable from lenders.  This is more than a 3,000 deal increase by number compared with 2009.

David Hollingworth of London & Country commented on the latest information coming from the markets, saying: “It seems the markets feel it’s going to be too soon for the base rate to rise before the end of this year.”

Remortgage activity is also increasing with the looming rate increase.  Many house owners are seeing the potential advantages of a remortgage and taking the time to apply.  Remortgages are an unknown product to many house owners still, as they typically take a back seat to other types of mortgage lending products when news breaks.

Remortgages are now available online and can be obtained through a quick application process.