The latest Moneyfacts UK Mortgage Trends Treasury Report data reveals a rise in mortgage product choice, surpassing 4,000 options on Moneyfacts records, the first time since August 2022.
There are now a total of 4,341 options for mortgage borrowers, up from 3,643 in January. This is a positive sign of stability in the aftermath of plummeting product choice surrounding the mini-Budget in September 2022
This positivity extends to first time buyers with the number of low-deposit deals up from a month ago. There are now 539 deals for those with 10 per cent deposits and 149 deals on five per cent deposits.
And one major high street lender has increased their lending for people earning between £45k- £100k up to 85% loan to value, from 4.45 times income to 5 times income. This applies to joint incomes too meaning many households will be able to take advantage of this.
Rachel Springall, Finance Expert at Moneyfacts, said:
“The mortgage market has shown notable stability with product choice, as the total number of mortgage options has breached 4,000 for the first time since August 2022. Shelf life of mortgage deals has also stabilised to 28 days compared to 15 days seen a month ago. Lenders have gradually been cutting down their mortgage fixed pricing over this period, leading to the third consecutive month of falls to the average two- and five-year fixed rates.”
We Can Help!
As mortgage rates begin to stabilise, this is a good time to speak to our award winning brokers. They’ll be able to asses your situation and provide you with a clear idea on the amount of money you can borrow.
And if you have a fixed rate product coming to an end, in most cases we can source and secure a new mortgage product 6 months before your current mortgage product expires.
If you have recently been provided with an illustration by our team, it is imperative that you contact us to secure the product.
Speak to our award winning brokers today on 0208 364 3444 or follow this link to book an appointment: https://mortgagesandinsurers.co.uk/get-a-quote/