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Competitive mortgages 'good news for property market'

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The introduction of more competitive mortgages could spell good news for the housing market, it is claimed.

Peter O'Donovan, head of mortgages at Bestinvest, says they are starting to drift towards the 90 per cent mark, which is what is helping to hold up the market.

"It is good news that lenders are starting to move out to the higher loan-to-vales - although the rates are still high in comparison to the better deals," he reveals.

Mr O'Donovan believes it is "excellent" lenders are moving in this direction, which could prove good news for those in search of a brand new home.

Moneyfacts.co.uk reported in March 2009 that the average two-year fixed-rate mortgage deal stood at 4.66 per cent from a bank and 4.88 per cent from a building society.

It also found the average two-year tracker deal stood at 3.55 per cent. ADNFCR-1100-ID-19112194-ADNFCR