In data provided by Mortgage Brain, there was a 9.3% increase in mortgage products over the past 12 months. As of February 2020, there was a total of 14,437 mortgage products available to choose from, which is a record high. There was an increase of 1,233 products.
There is more remortgage options to consider
Included in the increase of mortgage products was a significant number of remortgage offers. The data suggests there was an increase of 7.4% for remortgage products.
There has even been an increase in buy-to-let mortgage products, witnessing a growth of 4.5% on the annual figures.
Help is available for buyers
It is good to know mortgage lenders provide more options for buyers. With the March Budget looming, there may be more support on offer for homebuyers, and 2020 could be an important year for people looking to step on the property ladder. There may still be political matters which hamper the buying and selling of homes, but for now, there is a level of optimism the market is moving to a better place.
Mark Lofthouse is the Chief Executive Officer of Mortgage Brain, and he said; “Mortgage borrowers are the big beneficiaries of the heightened competition within the mortgage market now, with a greater level of choice than ever before. What’s more, this increase isn’t limited to a single area of the market, with products of all types and across all LTV bands seeing an uplift over the last year.”
As with most things in life, having more choice is initially a great thing, but before too long, having too many options can become overwhelming. It is helpful to consider your options, and if you are looking for support and assistance, we are here to help.
Mark Lofthouse also spoke about this issue, saying; “The sheer number of deals to choose from demonstrates the value provided by mortgage brokers in helping their clients navigate these competitive waters. But they too need to think carefully about what technology they can use to help them sift through the many home loans lenders have on offer.”
While it is pleasing for buyers to have more options when looking for a mortgage, it is also positive news for vendors. After all, if buyers find it easier to arrange a mortgage, there will hopefully be an increase in the number of people looking to buy a home.
If you plan on selling your home in 2020, you will find Austin Property Service is here to assist you. We are pleased to say we have helped many local vendors sell their home. We can arrange a property valuation for you, and no matter what guidance you need, we are here to assist you, so contact us today.