March 13, 2012

The number of mortgage products rises to 3,300 according to MoneyFacts

The number of mortgage products available in the UK is at its highest level since February 2008 with more than 3,300 individual products available according to figures published by Moneyfacts.

While this is a great improvement from the 1,200 available in 2009 it’s still a long way off the more than 8,000 products available during the hay days of the housing bubble. Many of these products were high LTV deals or aimed at those with adverse credit. People with a poor credit history or only a small deposit may still find getting mortgage lending very difficult.

Michelle Slade, spokesperson for Moneyfacts, said “Rising product numbers bring more competition, which has brought more keenly priced mortgage deals to the market. Lenders are becoming more accommodating with their lending criteria, which bodes well for increasing the competitiveness in the mortgage market. Average mortgage rates have fallen to all-time lows, while at the same time deposit requirements are easing.”

She added that lenders will be trying to increase their market share through targeting borrowers with low LTVs and good credit histories.

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