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more mortgage choice
April 2, 2009
The number of live mortgage ‘products' has gone up for the first time in eight months, according to the latest analysis by Mortgage Brain.
Mortgage Brain calculates that the total number of mortgage products available to buyers and owners rose by 13 per cent in March.
The biggest rise was in the number of tracker mortgages, up by 21 per cent, followed by fixed and variable products, both up by 11 per cent. The number of mainstream lenders offering products at 80 per cent LTV and above has also risen in the past month.
Despite the increased, the range of mortgages available is still down by 80 per cent on this time last year. Mark Lofthouse, chief executive of Mortgage Brain, says: "Although the market is still a long way from where it was 12 months ago we are starting to see the first increases in product availability for some considerable time. It's important, particularly in the current climate, that we continue to closely monitor these changes as over time they represent early indicators of market movement".