Data reveals most mortgage products on market for 15 years

October 16, 2023 by Heidi

Surveys and Statistics

The newest research looking at the mortgage market in the UK has found that the number of products currently available for borrowers is the highest that it has been for more than 15 years.

These figures come from Moneyfacts and they reveal that the total number of mortgage products has risen again during the past month. It currently stands at 5,495, which represents the highest number of available mortgage loans for over a decade and a half. It would be necessary to go all the way back to March of 2008 to find a month when the total was higher, with product choice then standing at 6,192.

Some areas of the market have seen successive rises in the number of products for the last three months. They include 95% and 90% loan to value (LTV) mortgages. As Rachel Springall from Moneyfacts pointed out to Financial Reporter, that is particularly encouraging for people who have less money available for deposits.

Springall then went on to add that:

“The volume of deals in each sector has blossomed to a level not seen since before the fiscal announcement, deals at 90% LTV are at the highest since May 2023 (675), and deals at 95% LTV are at the highest since the start of September 2022 (274).”

The average length of time that products remain available has also gone up from 12 days during July to 16 days now.

This is all news that mortgage advisors who have CeMAP training will be very happy to see.