Mortgage numbers continue ascent - Mortgages - News - Moneyfacts


Mortgage numbers continue ascent

Mortgage numbers continue ascent

Category: Mortgages

Updated: 17/11/2011
First Published: 17/11/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of mortgage products is currently at its highest level since the beginning of the economic crisis, research from has revealed.

Figures show that there are 3,054 residential mortgage products currently on the market.

The mortgage sector has expanded significantly over the last few years, and has increased consistently since the number of mortgages hit a low of 1,209 in April 2009.

In the last year alone, the number of residential mortgage products has increased by more than 500, climbing from 2,493 in November 2010 to the present level.

The 85% loan-to-value (LTV) tier has seen the most pronounced growth, as product numbers have risen from 448 to 542.

The tier with the largest number of products remains 75% LTV, which is currently made up of 839 mortgages.

And the choice for first time buyers looking for a 95% LTV deal has grown more than ten-fold in the last two and a half years.

In April 2009, there were only three mortgages for those with a 5% deposit, a number which had increased to 24 by November 2010.

Now there are 37 mortgages at 95% LTV, while the number of 90% LTV products has risen from 206 to 253 in the last year.

But while the number of residential mortgage products has risen, average rates are down; the average rate for a two year fixed mortgage has fallen from 4.48% to 4.22% over the last 12 months.

Despite the marked increase in the number of mortgage products available, Sylvia Waycot, spokesperson for, said that affordability remains an issue for many potential buyers.

"Sadly, increased availability of mortgage products does not mean increased mortgage lending," she added.

"Affordability remains a key factor, so lenders tend to target borrowers with sizable deposits who already have a proven payment history."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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