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Number of mortgage products increase

The number of mortgage products on offer has improved over the past month, according to recent statistics from Moneyfacts, the financial information service.

The start of March saw 1,798 mortgage products available for home buyers which required deposits of between 0% and 40%. This represents a 6% rise than this time in February and a staggering 68% year on year.

With mortgage providers still cautious about the future of the housing market there are still very few mortgages available with 0% to 5% deposits, but there are now 489 products that ask for just 10% or 15% initial payments. This is a 90% rise on this time last year, when there was just 258 similar loans on the market.

Michelle Slade, Moneyfacts, commented: “There are a growing number of mortgage providers who are becoming a little more accommodating with their credit criteria and this bodes well for consumers who will benefit from a growing competitive mortgage market.”

The number of new mortgage deals that require at least a 25% deposit is still very high, representing 57% of available products. Before the credit crunch only 16% of deals would require this type of large down payment.

Source: BBC

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