A change in the way that lenders do business has meant that many are now offering attractive mortgage products on a short-term basis only following the credit crunch.
That is according to the Financial Times, which says that this tactic coupled with consumers' heightened desire to take advantage of the best possible deal when remortgaging is leading to some deals selling out within a matter of weeks or even days.
The paper cites examples such as a 5.29 per cent two-year fixed-rate offer from the Dunfermline Building Society, which sold out within just four days, and adds that lender Abbey has seen its business increase by between 20 and 30 per cent as a result of a new deal launched earlier this month.
"Lenders are putting together smaller packages of funding designed to operate over a shorter period of time to remove some of the risk," Bernard Clark from the Council of Mortgage Lenders (CML) told the FT.
Figures published by the Bank of England earlier in October showed that the majority of fixed-rate mortgages fell last month despite the credit crunch continuing to make itself felt in the financial markets.
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