There was an interesting report last week that Building societies are now dominating best buy tables with 83 per cent of the most competitively priced products being offered by them rather than the larger lenders.
This is important as Building Societies also tend to operate on the old fashioned principles of understanding the customer and service, unlike the tickbox, factory style approach of many of the larger lenders. Now they have become more competitive once more, this gives consumers some real choice.
Also, pleasing was another report by the Bank of England that “credit availability” for borrowers looking for loans above 75% Loan To Value has increased recently. In other words, it is now easier for buyers with smaller deposits to borrow and there is more choice available.
This is all good news for the property market and we have also had a number of “off-the-record” conversations with lenders who want to target London borrowers as a means of getting more business through the doors. So watch this space to see how this unfolds.