View more on these topics

Number of mortgage products available up 37.5% in a year

The number of mortgage products available has increased 37.5 per cent in the past year, according to Mortgage Advice Bureau.

Using data from Moneyfacts.co.uk, MAB says there were 12,032 products available in November compared to 8,748 a year earlier. This is the first time since MAB began tracking the figures, in April 2009, that the 12,000 mark has been breached.

In November, brokers had access to 74 per cent of the 12,032 products on offer, compared with 71 per cent of the products on offer last November.

An additional 380 mortgage products were launched between October and November.

Rates have fallen across the board since January, the biggest cuts being seen in the two-year tracker market where rates have fallen 0.86 per cent to an average of 2.89 per cent since the start of the year.

Two-, three- and five-year fixed rates have fallen 0.71 per cent, 0.59 per cent and 0.41 per cent to 3.55 per cent, 3.88 per cent and 3.86 per cent, respectively, since January.

MAB head of lending Brian Murphy says: “More products keep arriving on the market, and anyone looking to buy a home or remortgage has the added bonus of attractive rates to choose from despite speculation about how long the discount season will last.

“The variety of options – both with and without the benefit of government support – may be confusing to first time buyers and anyone with limited experience of getting a mortgage. For this reason, brokers have a vital role to play by looking beyond the headline rates and finding the best deal for each customer’s circumstances.”

Recommended

As MEPs pass mortgage directive final rules, UK countdown begins

MEPs last week passed the final rules of the European Mortgage Credit Directive. The rules were agreed in September but an official vote was delayed until the Council of Ministers had decided how member states would transpose the rules into their respective national regulatory systems. The UK will have two years to introduce the rules once […]

Stephen Noakes Lloyds CML chairman

Lloyds mortgages director is new CML chairman

The Council of Mortgage Lenders has appointed Lloyds Banking Group mortgages director Stephen Noakes as its new chairman. From the beginning of January Noakes will succeed Nigel Terrington, chief executive of the Paragon Group of Companies, who has been chairman for the last year.   Noakes will be supported by two deputy chairmen – Royal […]

Andrew-Montlake-700.jpg

Marketwatch – The Big 100

I find myself at a bit of a milestone – this is my centenary Marketwatch column, the big 100, and I couldn’t have timed it any better coming at the end of another year of hard graft for brokers and lenders alike. What is most pleasing, apart from the fact I have not lost quite […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.

Newsletter

News and expert analysis straight to your inbox

Sign up