moneysupermarket.com comments on first direct's reopening of mortgage lending to new customers

Edited by the Insidemoneytalk editorial team May 21, 2008

Commenting on first direct's reopening of mortgage lending to non customers, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said:

"This is welcome news in an otherwise hostile market place.

first direct's original stance - made at the start of April - was reflective of a cautious attitude towards the market as a whole.

The reversal of the decision demonstrates a growing confidence in the market.

"The news that first direct is reopening its doors comes hot on the heels of Abbey and Nationwide cutting mortgage rates last week and HSBC extending its rate matcher offer.

The clouds over the mortgage market are starting to clear, much to the relief of borrowers across the country.

"first direct always maintained not lending to non-customers was only a temporary measure to control the volume of applications it was processing, and it seems it has been true to its word.

I hope other lenders follow first direct's lead and start welcoming customers through their doors again.".