Mortgage deals up 70% in under a year

| March 16, 2010 | 0 Comments

New research from claims there has been a 70% rise in the number of mortgage products available in just under a year.

According to the financial website, borrowers now have 2,053 deals to choose from, compared with 1,209 in April 2009, when the figure bottomed out.

Furthermore, a significant boost has occurred since the beginning of January, with the number of home loans on offer leaping by 28%.

Encouragingly, higher loan-to-value (LTV) deals make up the bulk of the increase, as lenders continue to relax their credit criteria.

Moneyfacts spokesperson, Michelle Slade, says lenders are showing that they are “open for business”, adding that with house prices appearing to have bottomed out, higher LTV mortgages are a less risky option.

She is also hopeful that competition between lenders will continue to bring down the cost of high LTV deals, allowing more potential first-time buyers back into the market.

According to Moneyfacts, there are currently 13 mortgages available at 95% LTV, compared with nine in January and three in April 2009.

For 90% LTV the figures are 152 today; 114 in January 2010 and 71 in April 2009.

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