The number of mortgage products available in the UK has fallen to its lowest level since the onset of the credit crunch, with total numbers down 12.5% since August, according to Moneyfacts.co.uk.
Despite declining choice, average interest rates are on a downward trajectory, particularly for those borrowers with substantial deposits. Moneyfacts.co.uk’s latest snapshot of the British mortgage market reveals the number of products available today has fallen to 3,281, down from 3,748 in early August. Products offering a maximum LTV of 95% saw the biggest cuts, down 37.6% to 53, while 60% LTV products have increased by 84% to 155, indicating lenders’ preference for borrowers with large equity stakes. “During the mortgage boom, products were driven by pricing and there was minimal marg...
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