Available Loan Numbers Increase
Since the start of the credit crunch, back in 2007, the number of home owner loan and mortgage deals which have been available to potential borrowers has dropped significantly, reaching its lowest point of just over one thousand different loans, two years ago.
Since then, the number of home owner loan products has slowly, but steadily increased, as lenders have managed to obtain new sources of loan funding and liquidity issues have eased, thereby allowing banks and building societies to expand their produce range.
January this year has seen a significant jump in new loan products being introduced to the market, with more than 1,600 new home owner loan deals being introduced throughout the month, an increase of 21 per cent.
The news comes from the intermediary and loan broker sourcing system, Mortgage Brain, who now have a total of 9,744 different loan deals available to loan brokers through their sourcing system. Furthermore, the number of loan deals has more than doubled recently, with a total of 5,287 different new home owner loan products entering the market place over the course of the past twelve months.
More than half of all the available loan products are for fixed rate loan deals, although there has been a large increase in the number of tracker deals in recent months.
This is clearly good news for the home owner loan market and suggests positive signs for the immediate future, although we are still a long way off pre credit crunch levels, when there were around 33,000 different loan products on the market.
Mark Lofthouse of Mortgage Brain said “Total mortgage schemes are at their highest level since September 2008 and could soon break through the 10,000 mark, the number of trackers and fixed rate products increased significantly during the past month and the overall picture shows that we’re leaps and bounds ahead of where we were this time twelve months ago.”
