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Number of New Mortgage Products Soar

by Alison Feemantle

If you are looking for a new property, whether it’s your first or you are remortgaging, there are now more mortgage products being released onto the market than ever before.  In a drive to encourage more people to buy property and take out home loans, more and more lenders are reviewing their mortgage product portfolio and extending their ranges.  This is good news for many especially given the number of deals that take full advantage of the low interest rate.

The number of mortgage products has increased for the 10th consecutive month in September taking the total number of available mortgage products up to 14,361.  Deals with an LTV of 80% and above have increased by 30% in the past 6 months whilst buy to let products have also experienced good performance.

Variable mortgage products have also experienced good growth recently and are up 126% in the last 12 months and make up 2,224 of the total product count.

Fixed rate deals remain the most popular of products and account for 8,524 of all mortgage products.  This number has risen 3% in September whilst tracker mortgages fell 6% in September.  However, trackers are still popular and compared the same time last year have increased by 117%.

Mark Lofthouse, chief executive of Mortgage Brain, said: “The past few years have been incredibly challenging for the UK mortgage market and for mortgage brokers in particular.

“However, the data from our product analysis over the last few months has been extremely positive and this continues to be the case.”

He added: “What is crystal clear, however, is the fact that mortgage intermediaries, with access to the biggest range of mortgage products available in one place, should be the first port of call for homebuyers looking to secure their first mortgage or discuss possible remortgage opportunities.”

With new products hitting the market each week it can be a daunting prospect trying to choose the right one.  Getting professional advice from an independent mortgage advisor will ensure you take out the right mortgage that suits your needs, your budget and your future plans.

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