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5 Dec 2019

Go Direct Personal Finance News  2009

Mortgage products slowly start to return

The number of residential mortgages available is slowly increasing, but still the market is dominated by deals for customers with more than a 25% deposit.

On 1 April 2009 the number of mortgages available hit rock bottom at just 1,209, a 90% drop from the peak of 11,951 products available in July 2007. Today there are 1,392 products available.

 

Max 60% LTV

Max 75% LTV

Max 80% LTV

Max 85% LTV

Max 90% LTV

Max 95% LTV

Max 100% LTV

Sep-08

69

418

176

161

492

82

7

Oct-08

96

515

192

182

450

57

7

Nov-08

132

629

224

220

453

86

13

Dec-08

156

485

235

153

402

65

12

Jan-09

184

423

228

158

204

30

12

Feb-09

261

422

97

159

94

3

10

Mar-09

272

429

101

169

89

3

10

Apr-09

280

453

100

182

72

3

10

May-09

297

487

107

186

71

3

10

Jun-09

285

507

127

195

77

6

10

Jul-09

290

454

119

190

98

6

10

Aug-09

314

489

137

187

96

9

8

Sep-09

315

509

148

191

106

9

8

Source: Moneyfacts.co.uk 14.9.09.

Michelle Slade, spokesperson for Moneyfacts.co.uk commented:

“Lenders are slowly taking small steps back into the market, albeit with a very cautious approach.

“The market remains dominated by deals for those borrowers with at least a 25% deposit as lenders look to cherry pick the best customers.

“Borrowers with just a 10% deposit are finally seeing increased options, but they are still paying a very heavy price for their lack of equity.

“The best deal on offer for a borrower with just a 10% deposit is 2.00% higher than that available to those with a 40% deposit, adding £170 per month to the cost of a £150,000 mortgage.

“Despite the cost of funding continuing to fall, lenders continue to be slow to react.

“The lack of any real competition in the market is still having a huge impact. None of the big lenders seem to want to be the first to cut rates as they are worried they will be swamped with applications.

“Lenders may be open for business, but we need more bold moves from some of the bigger players before borrowers start to see any real benefit.”

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500

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