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Mortgage product numbers hit record high – Mortgage Brain

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  • 25/02/2020
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Mortgage product numbers hit record high – Mortgage Brain
The number of mortgage products available on the market has hit a new high of 14,437, according to data from Mortgage Brain.

 

The technology firm recorded a 9.3 per cent increase of 1,233 products this month from the 13,204 available in February 2019.

The most significant increase has been seen in the over 70 per cent loan to value (LTV) band which has grown by 1,230 deals, or 15.1 per cent to 9,350 – far above the wider average.

Meanwhile, despite receiving much attention, product numbers in the over 90 per cent LTV sector only rose by 3.2 per cent to 792.

Products in the over 60 per cent LTV and over 80 per cent LTV spans were up 9.6 per cent and 8.48 per cent respectively.

 

Buy to let resurgence

Across product type, remortgage deals saw the strongest growth, with product numbers increasing by 670, or 7.4 per cent, to a total of 9,718.

Homemover deals rose just 1.9 per cent to 6,806, but the buy-to-let market showed resilience despite the fall in business volumes over the last two years.

The number of products for landlords to choose from grew by 184, or 4.5 per cent, since February 2019 to 4,263.

Over a three-year period, the rise in products was even more significant, with the total number of mortgage deals on the market jumping by 6,077, or 72.7 per cent, Mortgage Brain noted.

This rise was most pronounced in buy to let, with product numbers rising by 2,007, or 89 per cent.

Mark Lofthouse, chief executive officer of Mortgage Brain (pictured), said: “Mortgage borrowers are the big beneficiaries of the heightened competition within the mortgage market now, with a greater level of choice than ever before.

“What’s more, this increase isn’t limited to a single area of the market, with products of all types and across all LTV bands seeing an uplift over the last year.

“The sheer number of deals to choose from demonstrates the value provided by mortgage brokers in helping their clients navigate these competitive waters,” he added.

 

 

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