Mortgage Bonanza – Another Burst of Product Offerings …



Mortgage Bonanza - Another Burst of Products Available to Customers

There are more mortgage products available now than at any time since the pandemic began in March 2021.

Data from the independent monitoring of the mortgage market Moneyfacts shows that 4,243 people choose products for mortgage borrowers, the highest level since March 2020.

Borrowers with smaller deposits especially broadened their choices, as the sector experiencing the most proportional growth is the 95% loan rate.

Interest rate competition has intensified, with some providers launching deals at less than one percent in lower LTV tiers and competitive revaluations at higher LTV tiers.

Moneyfacts reports that with the rapid and rapid change in products and criteria, the average shelf life of a mortgage transaction has decreased and potential borrowers are given an average of only 28 days to protect the selected product.

Eleanor Williams, financial expert at Moneyfacts, says: “Homeowners’ drive to acquire large living space and meet the vacation stamp deadline has driven UK home prices higher and while demand for the dwindling property supply continues to rise, property prices are on the rise. a noticeable surge in mortgage lending.

“Lenders are responding to this with improved product choices, with 316 more products on offer now than last month, with total mortgage availability exceeding 4,000 for the first time since the pandemic began more than a year ago.

“While an improvement in affordability was recorded across most valuation loan levels, it was at 95% LTV that nearly a quarter of new deals were closed.

“The resurgence of high LTV products and the fact that their average rates are starting to fall is particularly good news for novice shoppers, especially as the recent Nationwide Building Society House Price Index report showed that house prices rose by almost £ 24,000 over last year. last year, which means that building this 5% deposit is even more difficult now. “


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