Speed 'is of the essence' in the mortgage market

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Speed "is of the essence" for borrowers if they want to take advantage of the best deals in the mortgage market, according to an expert.

David Black, principal consultant of banking for Defaqto.com, has stated that as "best buy" products are not "staying on the shelf for very long", consumers looking for a deal must act quickly.

Commenting on the current condition of the market as a whole, he added that it is a "completely different place" from a year and a half ago.

He explained: "We've seen low volumes of business accompanied by increases in rates and arrangement fees and a reduction in the amount that people can borrow."

The expert added that the "most significant increase" in the sector has occurred in the two-year fixed market, where the average rate has increased from 5.42 per cent to 6.71 per cent.

Mark Roberts, the head of financial regulation for the ifs School of Finance, recently stated that getting help for mortgage advisers is becoming "more important than ever" for consumers in the UK.

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