The latest figures released by Moneyfacts reveal that mortgage product numbers have risen to their highest level since the period before the Covid-19 pandemic began.

These figures show that there was a total of 4,243 mortgage products on offer on the market from UK lenders at the beginning of this month, which is a significant increase on the total for the same time last year. June 2020, when the pandemic was at its height, saw 2,810 products available – while for the month before, the total was 3,927.

This offers an indication that the housing and mortgage markets are bouncing back well from the shock of the pandemic and the national lockdowns. Further evidence of this can be seen in the fact that 95% LTV mortgage numbers have also risen – to 192 for June, from 112 during May.

Eleanor Williams, a finance expert for Moneyfacts, told Mortgage Strategy that this one-month period had seen the launch of 33 additional 95% LTV products, all of them fixed-rate, two-year mortgages. She also pointed out that this had brought a 0.14% drop in average fixed rates to just 3.88%.

Williams then went on to add that:

“Those seeking a five-year fixed rate in this tier have 27 further product options launched this month, and also saw a notable drop in the average rate, falling by 0.10% to sit at 4.07%.”

An increase in product numbers and drop in rates should make it easier for advisors with proper CeMAP training to find the right deal for their clients.

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