Wednesday’s mortgage-related press was brief and blunt this week, with only a few articles across the national papers.
The Times reported that mortgage lending fell by more than 40 per cent last month, down on April last year and the second lowest level on record. However, the large number of homeowners coming to the end of their short-term mortgage deals also prompted a rise in the number of remortgage deals that were approved, 20.3 per cent more than April last year.
The Daily Mail ran a feature on three-year, fixed-rate mortgages, which have fallen by 0.12 percentage points since February. Two-year rates have increased by 0.34 per cent and five-year rates by 0.19 per cent. Reportedly, three-year deals are popular with borrowers who have seen arrangement fees rise and therefore want to go for something a little longer-term.