Summer Sales Season of Area Mortgage Lenders Drawing Near
The summer season is quickly approaching and the temperature is heating up. The same can be said about the mortgage deals being offered by area lenders. Within a few weeks the high street banks will be in a battle to win the popular vote for best mortgage loan package. Ammunition of the lenders will include reduced rates, higher loan to value packages, and lower fees.
The summer sales season is an effort by most banks and lending institutions to achieve target figures for the year which were set prior to the start of 2011. Due to the challenging economic conditions which currently exist, the deals will more than likely be sweeter than usual.
Savills Private Finance’s Mark Harris commented on the upcoming summer deals, saying: "Lenders are launching summer deals and discounts to boost lending volumes ahead of their half-year end."
He also mentioned: "They have required 'run rates' and don't want to drop below these over the summer months.”
Broker David Hollingworth, of London & Country, discussed how many lenders are putting additional time into making sure their prices are in line, saying: "While they are not all specifically using the 'summer sales' tag, there is most definitely a smell of competition in the air.”
Many analysts caution those who are out looking at mortgage deals not to act with haste for the first enticing deal which is presented to you. They suggest taking a look at many deals and do some research before signing your name on anything.