Total Number Of Homeowner Loan Products Continues To Increase
There has been some more good news for the homeowner loan and housing markets this week, as the total number of available homeowner loan or mortgage products on the market, has increased once again, for the second month in a row.
According to the latest figures from Mortgage Brain, a homeowner loan sourcing system of financial advisers and loan brokers, there was an increase in the number of available loan products of 8 per cent during the month of April, with a total of 3,322 different homeowner loan products by the end of the month, compared with just 3,091 at the end of March.
OK, so I know that this total figure is still woefully low and although we’ve seen an increase, 8 per cent of practically nothing is still a very small amount, particularly when you compare the figures with the number of different products at this time two years ago, but we have now seen loan products increase for two consecutive months, which is a welcome change from the story of the past year and improvement has to start somewhere.
With consumer confidence now starting to increase and estate agents reporting a rise in interest from potential home buyers, what we really need now is for banks and building societies to start offering loans once more, to give the economy the boost it really needs.
Mark Lofthouse of Mortgage Brain said “It’s encouraging to see the total number of live mortgage schemes increase for the second month in a row and whilst some of these changes might be small, they do represent positive indicators of market stabilisation and slight upward movement. However, as the latest figures for trackers clearly show, it’s still too early to assume the mortgage market is levelling out and poised for a significant bounce back. It’s still going to take some time.”
