Mortgage News
Products rise by 70% in one year
Mortgage product availability has risen by 70% from 1209 in April 2009 to hit 2053 today.
A significant proportion of the increase (28%) has occurred since the start of 2010.
The higher LTV mortgages have witnessed the biggest percentage increases as lenders continue to relax their credit criteria.
Products at 95% have risen by 333% since April 2009 from 3 to 13 while those at 90% LTV have increased by 114% from 71 to 152.
Michelle Slade, spokesperson for Moneyfacts, commented: “By increasing the numbers of mortgages, lenders are showing that they are open for business. Increased availability brings increased competition and the mortgage market is finally seeing some of the most competitive deals of the last few years.
“Lenders are becoming more accommodating with their lending criteria, which bodes well for increasing the competitiveness of the mortgage market.”
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