Dual pricing concerns fading

Brokers are finally getting back to a level playing field in the mortgage market for the first time in two years, according to Moneyfacts.

Although dual pricing is still an issue, Darren Cook, spokesperson for Moneyfacts, says brokers are starting to compete evenly on price.

Moneyfacts research suggests average broker rates are marginally lower than those available in branches.

An average two-year fixed rate costs 4.86% for branch customers, compared to 4.79% for broker clients.  Two-year trackers cost an average of 3.73% in branch and 3.69% from brokers.

He says: "Mortgage brokers have probably felt one of the biggest impacts of the banking crisis and they have also had to deal with an added frustration of dual pricing.

"Brokers always have and always will form an integral part of a healthy mortgage market, so we hope that dual pricing fades away soon and we return to a level playing field as quickly as possible."