Number of UK property mortgage products is on the rise
9th Oct 2012
UK property buyers could soon see improving conditions in terms of lending, after it was announced that the number of mortgage products being offered by lenders across the country is on the rise.
According to a newly released report from moneysupermarket.com, there has been an increase in brokers offering 60, 70, and 85 per cent loan-to-value mortgage products in the last few months.
It has amounted to a growth of 18 per cent, from 1,302 to 1,541 products in the space of just six months from the beginning of April.
This has been facilitated by the government's Funding for Lending Scheme, which looked to offer a budget to lenders to allow them to hand out mortgage products a bit more freely, without the fear of big losses if and when people default.
One of the benefits of this has been the fact that rates for these products have been falling. However, with rising fees again across the UK, the comparison site said that it will be the case that many people are still paying more for their mortgages.
Clare Francis, mortgage expert at MoneySupermarket said: "Our analysis shows there are now more mortgages available than six months ago, and fixed rates have been falling since April.
"However, this is masking the true picture of the total cost of a mortgage."
Posted by Staff Writer: Ewan Robertson
© Zoopla Property Group Limited