Fixed rate Mortgages remain the most Popular Choice

CML reported an increase in mortgages for home purchase in May, up 4% from the previous month. Fixed rate deals continued to take an increasing proportion of new business as borrowers undoubtedly looked to protect themselves against possible interest rate rises in the future. End Quote

(1888PressRelease) July 17, 2009 - Fixed rate mortgages accounted for 74% of all loans in the month, the highest share since August 2007.

Encouragingly the CML predicted that lenders might become slightly more relaxed in the coming months following the introduction of some higher loan–to–value mortgages recently. This is backed up by the Bank of England's recent Credit Conditions survey where lenders reported that they intend to increase lending at higher loan-to value ratios. This bodes well for first time buyers looking to get on the housing ladder.

This will be welcome news for parents who are still acting as an important source of help for young first time buyers. 80% of first time buyers under 30 are still getting help with a deposit from parents to enable them to get a mortgage.

Potential borrowers looking to get onto the housing ladder can see the range of leading deals at www.lcplc.co.uk/bestbuys and use a range of calculators to see how much they can borrow and what stamp duty will cost on potential properties at www.lcplc.co.uk/calculators. For more information and no-fee advice, borrowers can call free on 0800 373300 or request a call back.

London and Country Mortgages Ltd is the country’s leading whole of market no-fee mortgage broker and submitted over £4bn of mortgages to over 70 lenders in 2008.

For more information visit our website www.lcplc.co.uk

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers.

L&C has won numerous awards including:

Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005
Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards - 2008
Online Mortgage IFA of the Year – Financial Adviser - 2008

Press Contacts:
Richard Morea, Technical Manager
Office: 01225 341312
Mobile: 07970 885168

David Hollingworth, Head of Communications
Office: 01225 341211
Mobile: 07710 634044

http://www.lcplc.co.uk/

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