Increased stability for mortgage product numbers on market
September 12, 2008
Since last summer when the global credit crunch swept across the UK the number of mortgage products available on the market has plummeted, with many lenders having to take a wide range of products off the shelves. In addition to this availability of mortgages and accessibility to mortgage products for consumers has been dramatically cut, and the mortgage intermediary market has also been affected by these issues.
However, a recent report from an industry group, Trigold, has suggested that there has been increased stability in the number of mortgage products available on the market. Whilst mortgage product number have been falling over recent months, July’s figures showed that there were 14.175 mortgage products available on the market. This indicates that the reduction in mortgage products has slowed down and started to stabilise, although the figure is still way lower than the number of products that were available before the credit crunch in July of last year, which was 64,803.
Whilst around 877 mortgage products were taken off the market in July of this year, the number of products remaining was still up by around 183 compared to two months ago. Also, for the past three months around ten providers a month have re-entered the market, which has also been seen as encouraging.
One official stated: “We can see from the most recent results that we’ve turned a corner in terms of product numbers and the market should take heart from this. Last month’s report saw the first rise in product numbers in the previous 12 months and although there has been a drop in July it is by such a minimal number that many will rightly view this as market stabilisation.”
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