Could time-limited offers inject life into the mortgage market?
There’s nothing like the fear of missing out to trigger a wave of activity. Just ask the likes of Groupon who sell everything from beauty products to restaurant deals at a price you won’t find anywhere else but only for a day or two, or high street shops which offer 20% or so off… but just until Sunday!
Well now lenders are getting into the time-limited game which many are hoping could help spark off some much needed competition.
Accord Mortgages is the latest lender to dangle the proverbial carrot, launching ten 70 per cent loan to value (LTV) mortgages for just 10 days from Tuesday 28 August.
The range will start at 2.99 per cent and 3.29 per cent for a two-year and five-year fixed rate mortgage respectively.
Steve McAvan is the Intermediary Product Manager at Accord Mortgage Group:
“We want to offer borrowers the best deals available on the market and these products certainly are competitive.”
The time-limited offers have been well received within the industry with many calling for other lenders to offer similar time sensitive rates. While at present it is not possible for lenders to sustain such low rates, limited edition offers will allow many borrowers to lock in a lower rate deal, providing they are on the ball.
It is expected such products could be of real benefit to homeowners looking to remortgage.
Content correct at time of publication