Assortment of mortgage products grows as interest rates continue to fall

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New figures from Moneyfacts show that the number of mortgage products offered by lenders is increasing at the same time as: fixed interest rates continue to fall.

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These figures show that the number of products on the market has steadily increased over the past nine months. It means the choice is now the highest in 16 months as there are currently 4,512 products available from UK lenders. This represents an increase of 269 in the past month, and it offers borrowers the most options they’ve had since March of last year.

According to Moneyfacts, the number of products has increased at every loan-to-value (LTV) level, marking the first time in three years. It’s the higher LTV loans – particularly 95% products – that have risen the most, with a further 61 of these loans launched since last month.

The increase in product numbers also helps to lower rates as lenders compete with each other in a crowded market. The average interest rate for both two- and five-year mortgages has fallen in the past month, by 0.04% in both cases.

Speaking to Financial Reporter, Eleanor Williams of Moneyfacts pointed out that while this was all good news for borrowers, the current decline in average mortgage rates may not continue, so it makes sense to seek professional advice to find the right deal. .

Those with the right CeMAP mortgage advisor qualification will be in high demand among borrowers due to the market volatility.


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