A mortgage milestone was passed last week when the number of mortgage products available surpassed 2,500 for the first time since May last year. Figures from moneysupermarket.com show available mortgage products have increased for the third month in a row.
However this is a far cry from pre credit crunch conditions. In August 2007, just before Northern Rock collapsed, there were over 30,000 mortgage products on the market, that's 12 times what we have today. Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said; "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. This is also now the third successive month on month growth of available products, which suggests the increases are sustainable. The recent increase is partly down to Halifax launching new rates for existing customers. "However, we have to put things into perspective; whilst 2,500 available products looks like an important milestone now, it represents what would have been only a small fraction of the market in August 2007, just before the collapse of Northern Rock, when there were over 30,000 products available. With this in mind we are clearly a long way short of a full recovery, but we are at least moving in the right direction."
Date: 20th, January, 2010
Author: Ben Wilkie
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