You are here: Home - Better Business - Business Skills -

In a vibrant mortgage market, advice is more important than ever – Phillips

by: John Phillips, group operations director at Just Mortgages and Spicerhaart
  • 18/07/2017
  • 0
In a vibrant mortgage market, advice is more important than ever – Phillips
Research has shown that more than 5,000 mortgage products have been introduced to the mortgage market in the past two years. This is good news for consumers and brokers alike.

Consumers are given more choice and brokers have more opportunities to source and advise on a wider variety of products to ensure the clients’ needs are met.


Decade of change

This highlights just how much the mortgage market has changed over the past decade. In March 2008, there were more than 6,000 products available.

However, the financial crisis caused the choice of deals to plummet as many lenders withdrew products.

In fact, in September 2008 almost 500 mortgage products were withdrawn during a single week as lenders cut their ranges or pulled out of the market for new borrowers entirely.

Additionally, 85% of buy-to-let deals were also pulled and eventually the choice in the residential mortgage market fell by 60%.

But as the song goes, things can only get better, and they soon did. In the 12 months from May 2009 mortgage products increased by more than 1,000.


Advice is important

Back to the present day.

The increasing competition in today’s mortgage sector has seen lenders strengthen their product portfolios and, as a result, they are showing that they are open for business.

In turn this will open up more opportunities for borrowers to take advantage of the low interest rates available.

However, while the boost in products can only be seen as a positive thing, the more choice borrowers have, the more confusing it can be for them.

Therefore, it is more important than ever that borrowers seek professional advice to ensure they get the best deal for them.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
two people shaking hands
HLP parent buys small firm mortgage advice network

HLP’s parent company Josewin has bought a 100% shareholding in MSN, a network focused on small adviser firms, as it...