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Current state of mortgage market means 'lenders are unlikely to offer perks'

Many lenders will not be offering incentives to entice prospective customers, according to a mortgage expert at Moneyfacts.

Darren Cook, head of mortgages for Moneyfacts, said that in the current economic climate, it is very unlikely that providers will feel the need to offer perks to potential consumers.

Many banks and building societies did not offer extra incentives during the peak of the market at the middle of last year, according to Mr Cook, so they are even more unlikely to now.

He added: "If you take six or seven months ago, [the market] was very competitive; the banks were going out to find business. Now, the consumers [need to] find a bank that's prepared to lend to them."

According to figures compiled by Moneyfacts, at the beginning of 2008 mortgage lenders were offering 7,931 products but by the end of April there were just 3,906 available, a drop of nearly 50 per cent.

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19/05/2008 10:32:08

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