Non-bank enters rate competition
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BN
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1/07/2010 4:55:00 AM
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National Mortgage Company has cut the variable rates on its ING-funded full doc loans.
The 0.1 basis point drop came as head of wholesale mortgages Grant Lloyd called for competition to re-emerge in the mortgage market to ensure clients are not only getting a fair deal, but a competitively priced one as well.
In a statement, the lender said it had reduced variable rates rather than fixed rates like other recent cuts by lenders, as variable loans had a higher take-up rate by customers.
Lloyd flagged there may be more to come. “Moving forward we will be releasing more competitive product offerings in support of our clients," he said.
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