The Number of UK Mortgage Deals Hits 41-Month High
Written on 10 Oct, 2011 at 06:28 by Ulyana Chernyak
The overview of the British mortgage market, carried out by Mortgage Brain, revealed that there were 500 mortgage deals introduced by British lenders in September 2011. The total number of mortgages available from lenders reached 14,361. This is 96% more than in October 2010 and 38% more than 6 months ago, in April 2011.
The most significant increases were seen in high loan-to-value mortgages, mortgages with variable rate and buy to let mortgages.
Commenting on the findings, Mark Lofthouse of Mortgage Brain, said that "the past few years have been incredibly challenging for the UK mortgage market and for mortgage brokers in particular. However, the data from our product analysis over the last few months has been extremely positive and this continues to be the case."
He also highlighted that home owners should contact mortgage brokers first, because they have information about almost all market offers.
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Number of deals may be higher, but not that many mortgages are arranged, lenders still expect a chunky deposit and are steering clear from anyone with a credit problem. However, I agree that if your lender doesn't have a decent deal, see a mortgage broker.