The number of mortgage products that are available to borrowers in the UK is on the rise, according to the latest research from a mortgage advice firm.
This research was carried out by Alexander Hall. It looked at the number of products on the market right now compared with last autumn. That date was chosen because it was when the Government revealed its Budget. What the Alexander Hall research found was that product choice has gone up in almost every area of the market.
The biggest increases have come within the first-time buyer and buy-to-let segments. The former has seen its product choice rise by 2.7% in comparison to autumn 2024. There are currently 694 mortgages on the market targeted at first-time buyers.
When it comes to the buy-to-let segment, the product choice increase is even greater. It has risen by 7.9% compared to October of last year, taking the total number of products on the market to 2,220.
The increases are also sizeable when viewed on an annual basis. First-time buyer product numbers have gone up by 11%, while buy-to-let ones have increased by 12.9%.
Talking to Mortgage Introducer, Stephanie Daley from Alexander Hall said it could bring knock-on benefits:
“Given there are more products available, this means that lenders will be facing increased competition and so they may be more inclined to lower rates in order to win business.”
The rise in first-time buyer product numbers will particularly please those with CeMAP training, as they have been underserved in recent years.
