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October 6, 2009    

Lenders extend shelf lives of mortgage offerings

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by Gill Montia

Evidence that the UK mortgage market is stabilising has emerged from Moneyfacts.co.uk, which has noted that lenders have been extending the shelf lives of their various offerings in recent weeks.

According to the financial website, the average mortgage product was available for 24 working days in September, up from 18 working days in August, and the longest period since October 2007.

However, the firm’s spokesman, Darren Cook, says that while the UK mortgage market shows signs of becoming much more “static”, competition among lenders remains weak with rates “totally disjointed” from the cost of wholesale funding.

According to Mr Cook: “We have reached a plateau in the mortgage market and rates are unlikely to move noticeably from their current levels within the foreseeable future.”

He therefore concludes that borrowers need to accept that the overall cost of financing personal debt will remain high in the months ahead.

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