Number Of Home Owner Loan Products Increases
The total number of different home owner loan and mortgage products which are available in the UK has increased significantly over the course of the last month, with the number of new loan products reaching its highest level since September 2008, according to the latest figures from Mortgage Brain.
The loan broker sourcing system has shown an increase in home owner loan product numbers for five consecutive months now, with an increase of 13 per cent throughout the month of April alone, bringing the total number of available home owner loan products to 11,784.
This increase in new loan products shows a positive sign for the home owner loan market, with an increase in product number of 54 per cent over the last six months and 142 per cent increase since the same time twelve months ago.
Although the number of loan products has increased significantly, the majority of these deals are in the prime loan sector. Someone who requires a specialist loan, or perhaps needs a bad credit loan, may still find that they will struggle to get the loan they want, particularly at competitive cheap loan rates.
There has been a significant increase in the number of home owner loan products which offer higher loan to value levels over the course of the last twelve months, with several new loan deals which offer 90 or even 95 per cent loan to value, which is good news for first time buyers, although the rates for these loan deals can often end up being cost prohibitive.
Despite these negative points and the fact that we are still a long way from pre credit crunch loan levels, this increase is particularly good news for the housing and home owner loan markets and opens up the choice for those people who may be looking for a new loan.
