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Increasing number of mortgage products encourages market

Home buyers now have the most mortgage products to choose from since May 2009*, fuelling a continued recovery within the property market.

Over 2,500 mortgage products are now available, thanks to a third consecutive month of increases. In August 2007, in comparison, where were over 30,000 mortgage products on the market. This indicates that although the market is moving in the right direction, there is still a long way to go to full recovery.

Hannah-Mercedes Skenfield, mortgage channel manager at moneysupermarket.com, stated: “This is good news for buyers, as passing the 2,500 barrier does suggest that those looking for a mortgage are finding more and more choice, and where there is choice, there is competition.”

She added: “This is also now the third successive month on month growth of available products, which suggests the increases are sustainable.

*Figures from moneysupermarket.com

Source; mortgagestrategy.co.uk

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