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Tuesday 19th of January 2010
January 18, 2010    

UK mortgage products exceed 2,500

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by Gill Montia

New research from moneysupermarket.com shows the number of mortgage products available to UK borrowers increasing for the third consecutive month, and crashing through the 2,500 barrier for the first time since May 2008.

The firm’s mortgages channel manager, Hannah-Mercedes Skenfield, says: “This is good news for buyers, as passing the 2,500 barrier does suggest that those looking for a mortgage are finding more and more choice, and where there is choice, there is competition.”

She adds: “This is also now the third successive month-on-month growth of available products, which suggests the increases are sustainable.”

However, recalling times past, the price comparison website points out that in August 2007, just before Northern Rock collapsed, there were over 30,000 home loans on the market.

In related news, the Council of Mortgage Lenders (CML) recently reported that in November, home buyers needed to use less of their income to cover their mortgage interest than at any time for more than five years.

Home movers were particularly well placed, typically needing only 10.6% of gross income to cover mortgage interest payments, down from 11.1% in October.

According to the CML, this is the lowest debt burden on home movers since records began in 1974, apart from a brief low of 10.2% in mid-1996

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