Good News from the Mortgage Market: Product Availability Trebles

New data shows the mortgage market has bounced back from the turbulence of two years ago. Think back to this time in 2022, and you’ll recall the mortgage market was in complete disarray.

In the aftermath of the Mini-Budget, there was a frenzy of activity – none of it good for homebuyers or those looking to renew their mortgage. Worried lenders were pulling products left, right, and centre, and the average two-year fixed deal jumped by 2% in just a month.

But that was then, and this is now. Two years later, the mortgage market has rebounded, as demonstrated by the release of new data earlier this month.

More Products on Offer for Consumers

The Moneyfacts UK Mortgage Trends Treasury Report revealed that nearly three times as many products are available now than two years ago. In the dark days of October 2022, 2,258 fixed and variable products were on the market. Today, there are 6,445 products to choose from.

The increase in the number of products is spread across the board, so it’s positive news whether you’re a first-time buyer with a small deposit or an established homeowner with more equity.

Change in Availability

• 95% loan-to-value - There were 132 products available then compared to 351 now.
• 90% loan-to-value - There were 295 products available then compared to 751 now.
• 60% loan-to-value – There were 337 products available then compared to 775 now.

Products Are Available for Longer

Another interesting fact that emerges from the data relates to product shelf life. This figure refers to how many days a mortgage deal is available before a lender pulls it. On average, mortgage deals currently stay on the market for 21 days compared to 15 days two years ago.

But Wait, Could More Good News Be on the Way?

One area we haven’t touched on is interest rates. Is there any movement on the horizon? Let’s hope so. The Bank of England (BoE) meets on 7 November to discuss rates, and there is much anticipation that a cut will be likely. This is because inflation fell faster than expected in September to 1.7%.

We’ll be following the announcement and will keep you updated. Do you know someone who’s looking to move and thinking about mortgages? Please share this article with them and help them get the best deal.

The information provided herein is for general informational purposes only and does not constitute financial or mortgage advice. It is recommended to consult with a qualified financial advisor or mortgage professional before making any financial decisions.

About Cooke & Co

Cooke & Co has been providing estate agency services in Thanet since 1992, covering Margate, Broadstairs, Ramsgate, and surrounding areas.

Contact us:

• Margate Office: (01843) 231833
• Ramsgate Office: (01843) 851322
• Broadstairs Office: (01843) 600911

Visit our website at www.cookeandco.com or email us at enquiry@cookeandco.com.