The firm found that the number of deals open to borrowers is down by around 41 per cent on a year ago, with a total of almost 5,400 deals on the market at the moment. That includes 2,631 open to first-time buyers, 2,569 available to home movers, and 2,302 which are available for remortgage.
The analysis found that borrowers planning to remortgage have seen the biggest reduction in choice, with available deals falling by 37 per cent year on year. Home mover products have dropped by 31 per cent, while first-time buyer deals have dropped 29 per cent.
However, Octane noted that while product choice has fallen on an annual basis, it is up substantially from two years ago in the midst of the pandemic. The number of products open to first-time buyers is up by 45 per cent over that two-year timeframe, while home mover deals are up by 38 per cent and remortgage deals have jumped by 20 per cent.
Jonathan Samuels, CEO of Octane Capital, said that much has been made of the reduction in product numbers over the last month or so, but suggested the “shelves aren’t as barren” as you might think when compared with two years ago.
He added: “At the same time, those lenders who have reduced their range have largely done so with a strategic reset in mind. Now that rates have started to once again reduce and confidence is returning to the sector, we can expect an uplift in product availability come the new year.
“So for those who aren’t able to find the right mortgage this side of Christmas, it’s worth sitting tight for a few more weeks, as chances are, you’ll have better luck in January.”
