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TODAY'S OTHER NEWS

Market boost as buyers get best choice of mortgage products since 2007

Consumer choice of mortgage products has reached a near-eight-year high with 17,132 products available on the market.

This is the highest number seen since March 2008 - although the figure then was considerably higher at 23,802 before it plummeted as the economic downturn began.

The Mortgage Advice Bureau, which has released the figures, says the number of mortgage products available now is 34 per cent higher than a year ago. And the number of products distributed through brokers has seen a much higher annual increase compared to direct-only products: the average number of broker products increased by 42 per cent.

Meanwhile MAB says 2016 has got off to a bullish start with the number of applications recorded by brokers in January being over a third higher than in January 2015. A higher proportion of borrowers opted for fixed rate products.

Mortgage rates are still at record lows: according to Moneyfacts, the typical two year fixed rate was 2.56 per cent, the lowest ever recorded

  • Daniel Roder

    Shame no-one can afford to buy :)

    Kelly Evans

    You obviously don't work in the industry. The number of first-time buyers is going up. It's now becoming easier to buy again. Don't believe what the doom-mongers say.

     
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