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16 Nov 2019

Go Direct Personal Finance News  2009

Mortgage choice at a 43 month high

The number of mortgages available to prime residential borrowers has hit 3,035, the highest level since February 2008.

At the peak of the banking crisis in 2009 the number of mortgages fell to just 1,209.

While the number of mortgages may be equal to those available a few years ago the market remains a very different place.

In February 2008 customers with a 10% deposit or less still had their pick of the majority of mortgages on the market. Today those same customers have seen a four-fold drop in the number of mortgages available.

Date

Total Number of Mortgages

Number 95% LTV

Number 90% LTV

Number 85% LTV

Number 75% LTV

Number 60% LTV

Today

3,035

44

281

568

820

330

April 2009

1,209

3

72

182

453

280

February 2008

3,250

611

647

132

413

13

Source: Moneyfacts.co.uk 21.9.11

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

“By increasing the number of mortgages, lenders are showing that they are open for business.

“Rising product numbers bring more competition, which has brought more keenly priced mortgage deals to the market.

“Lenders are becoming more accommodating with their lending criteria, which bodes well for increasing the competitiveness in the mortgage market.

“Average mortgage rates have fallen to all-time lows, while at the same time deposit requirements are easing.

“First time buyers are finally being given some options as the number of deals available to borrowers with a 10% deposit or less continues to grow.

“Recent lending figures show that while the number of mortgages being approved is rising, we are still a long way off the levels seen in previous years.

“Increased availability of mortgage products does not mean increased mortgage lending.

“Affordability remains a key factor, so lenders continue to target remortgagers with sizable deposits who already have a proven payment history.”

    

 

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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