David Prosser: No let-up on home loans

Now that the Bank and others are talking about the worst of the recession
being behind us, is the transmission mechanism a bit less up the spout? Not
a bit of it: the personal finance data analyst Moneyfacts reported yesterday
that fixed-rate mortgage deals, which have been rising in cost for a month
or so, now come at an average price of 6 per cent.

And variable rate mortgages, at least at the higher loan to value multiples
faced by most first-time buyers, are hardly any cheaper. Just to cap it all,
Moneyfacts also warns that there are 5 per cent fewer mortgages available
than a month ago.

In other words, if you’re looking for finance in order to take advantage of
falls in the housing market, it is becoming harder ? rather than easier ? to
find it. And should you succeed in finding a lender prepared to offer you a
deal, the price bears no relation to the current historic low at which base
rates still tread.

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