Mortgage milestone passed

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."

- Ends -

Notes to editors:
* Figures sourced by moneysupermarket.com 13th January 2010

Date

Number of available mortgage products

Apr-07

27,105

May-07

26,156

Jun-07

28,413

Jul-07

27,962

Aug-07

30,107

Sep-07

22,457

Oct-07

19,021

Nov-07

15,440

Dec-07

13,558

15-Dec-07

13,858

Jan-08

13,855

Feb-08

13,236

Mar-08

11,428

14-Apr-08

6,526

12-May-08

5,417

09-Jun-08

5,040

14-Jul-08

5,339

11-Aug-08

5,218

08-Sep-08

6,089

13-Oct-08

5,148

10-Nov-08

2,898

08-Dec-08

3,244

12-Jan-09

3,129

09-Feb-09

2,672

09-Mar-09

2,887

14-Apr-09

2,652

11-May-09

2,592

08-Jun-09

2,358

13-Jul-09

2,305

10-Aug-09

2,179

14-Sep-09

2,248

21-Sep-09

2,275

28-Sep-09

2,291

12-Oct-09

2,224

09-Nov-09

2,302

14-Dec-09

2,449

12-Jan-10

2,516

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