According to Moneyfacts, the choice of mortgage products is the highest it has been since 2008.
The total number of products available for the residential mortgage sector has risen to 5,315,the highest since March 2008 when it was 6,192. Borrowers also now have more choice than they did before the pandemic.
Eleanor Williams, finance expert at Moneyfacts says that increases in rates for most of the lower LTV products, borrowers with the smallest deposits are actually seeing rates fall. Eleanor says:- "It may be that, following the end of the stamp duty holiday which had kept the property market bouyant, providers are now focusing on enticing first-time buyer business, which has often been considered the life blood of the hosing market. Indeed, those looking to secure a 95 per cent LTV mortgage will be pleased to note that at 3.09 and 3.39 per cent , the average fixed rates on offer have plummeted to the lowest on record."
