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Newsletter

UK has 'mortgages lottery'

By Jonathan Dawes, Wed 10 Sep 2008 - Published in Mortgages

A personal finance information provider has suggested the UK has a postcode lottery which gives some people more access to mortgages than others.

The organisation reveals borrowers in the midlands have more mortgage products available to them, with those in Leicestershire having the widest choice.

However, people looking for mortgages in Northern Ireland face the lowest number of choices, followed by borrowers in Scotland.

In a statement, the firm explained: "Competition is now slowly starting to return to the mortgage market and lenders are no longer actively trying to avoid being top of the best buy tables."

To avoid being subject to the postcode lottery, the organisation recommends borrowers take time to research and search the market for the best deals available to them.

Earlier this week, Stephen Noakes, marketing director at Cheltenham & Gloucester, advised borrowers to start looking for deals three months before they remortgage their homes.

He said comparison websites and mortgage brokers can help them carry out this research.