What the papers say - 25th June 2008

The Daily Mail, Financial Times and Daily Mirror have all reported today on Chancellor Alistair Darling’s comments expressing concern over the high set up fees charged by many lenders. The Council of Mortgage Lenders have said that although some products do carry high fees they are normally associated with lower mortgage interest rates and fees free products are still available.

The Daily Express carries a question and answer section in which they ask if the selected C&G deals now being offered to existing Northern Rock customers are the best on the market. The advice given is to look at what other lenders are offering before signing up and warns customers not to simply assume that C&G are the best option.

Elsewhere the focus is on the plight of First Time Buyers, with the Financial Times discussing the withdrawal of the last 100% mortgage from the market, and the prediction that the average deposit required by lenders will rise to 20%. Many are choosing to remain in rented accommodation despite increasing rent and monthly bills, says The Times, but on a brighter note this leaves Buy to Let investors in a better position to buy property than most homeowners or First Time Buyers.

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