- Tue 14 Dec 2021
With the property market experiencing it’s traditional seasonal slow-down in the lead up to the festive season, there are many reasons to believe that the property market will remain hot in 2022 and a good indicator of this is the mortgage market and the availability of mortgage products.
Since 2008 we have seen the product choice for buyers wanting a mortgage plummet and then soar. When the pandemic struck we found ourselves in a situation where lenders were taking themselves off the market all together with the uncertainty of where Covid-19 was taking us.
However according to the independent service Moneyfacts, we find ourselves in the best situation since 2008 with the product choice being the highest we have seen it for a number of years. The total number of products now available in the residential sector is at 5,315, this is the highest we have seen since March 2008 when it was 6,192. Borrowers now have more choice than they did pre-pandemic, with the choices being at 5,222 in March 2020.
David Lewis, Director of Bradleys Financial Management commented “The data from Moneyfacts released recently is interesting to see – more mortgage products are available than at any time in the last 13 years – including rates at 95% which are actually falling. A far cry from the initial reaction from lenders when the pandemic struck, when high loan to value loans disappeared completely and indeed, many lenders withdrew from the market across all loan to value ratios.
It is great news for buyers – especially those with lower deposits, however, what it does suggest is that it remains absolutely crucial that potential buyers and borrowers seek the best possible advice – with the multitude of products available across all markets – residential purchase, re-mortgage and buy to let offerings – it is so easy to make a mistake if trying to research the market oneself.
The reality is with so many products available to select from, making the right decision remains difficult without guidance and given the magnitude of the decision being made, and taking professional advice should still be paramount in any borrowers thinking.”
Bradleys Financial Management Ltd has been providing Mortgage advice across Devon, Somerset, Cornwall and beyond for many years. Our team of experts can help with new mortgage enquiries and re-mortgages as well as offering vast experience with buy-to-let mortgage products and Help to Buy applications. Please don’t hesitate to get in touch with one of our local experts by contacting 01395 222 391 to book your free initial appointment.