Significant Increase In Number Of Available Homeowner Loans
Over the course of recent months, the number of available home owner loans and mortgages from banks and building societies has been steadily increasing, albeit at a slow rate. But new figures have revealed an increase in loan product numbers of 22 per cent in the space of just one month.
The latest figures from Mortgage Brain, the home owner loan sourcing system for financial intermediaries and loan brokers, has shown that the number of new loan products form lenders has reached its highest level in 18 months, with a 22 per cent increase in May alone.
The system now shows that there are 5,805 different loan products available on the home owner loan market as at the end of May, compared with just 4,753 at the beginning of the month. This is the highest number of available loan deals since November 2008, when there were 6,899.
The figures also show that over the course of the past twelve months, home owner loan and mortgage availability has increased by 103 per cent.
The main areas of product increases were in fixed rate loans and tracker loans, with each of these areas showing an increase of 24 per cent. Variable rate loans also increased in numbers, but only by 4 per cent.
Mark Lofthouse of Mortgage Brain commented on the figures, he said “The data from this month’s analysis is very encouraging. Overall product availability is at its highest level since November 2008, variable rate products continue their steady increase and we’re starting to see a healthy introduction of new trackers and fixed rate products again.”
“What is particularly encouraging however, is the twelve month analysis which shows that there are now almost 3,000 more products available to intermediaries than there were this time last year.”
