01934 815 053
12 South Parade, Weston-super-Mare, North Somerset, BS23 1JN
estate agents
01934 815 053
12 South Parade, Weston-super-Mare, North Somerset, BS23 1JN

Property Expert David Plaister states that the number of mortgage products on the market has increased for the first time since June, as lenders look to meet growing demand, but average borrowing rates have increased further, the latest research from Moneyfacts shows.

There are currently 2,404 mortgage products available on the market, up from 2,259 a month earlier.

According to Moneyfacts, the strongest growth in mortgage products over the past month has been seen in the 75% and 80% loan-to-value (LTV) sectors where product numbers have increased by 43 and 49 respectively.

There has been a significant increase in demand for mortgages, as buyers rush to acquire property before stamp duty goes back to its normal rate.

The latest data and analysis from NAEA Propertymark shows that in September the number of prospective buyers registered per estate agent hit a 16-year high.

Eleanor Williams, finance expert at Moneyfacts, said: “Some positive news for those would-be borrowers comes from our latest data, which shows that at 2,404, the number of available mortgage products has risen for the first month since June 2020, following the re-opening of the property market after the first UK lockdown, when 2,810 deals were on offer.”

She added: “It is notable that 63% of the 145 additional products made available this month are offered in the 75% and 80% LTV sectors, where product numbers increased by 43 and 49 respectively.

“Indeed, availability increased across all the LTV tiers this month, with the exception of the limited 95% and 100% tiers where there was no change, and the smallest fluctuation was seen in the next highest LTV bracket at 90%. This could be indicative of the fact that lenders are focusing their offerings towards traditionally lower-risk borrowers with a larger equity or deposit.”

According to the research, there are less than half the number of products available to consumers now than were on offer 12 months ago, while borrowing rates are rising.

David goes on to say this means that borrowers with a 15% deposit or value in their property will be facing rates that are 0.65% and 0.45% higher than this time last year and is without doubt reflective of how uncertain the economic outlook remains.

01934 815 053
12 South Parade, Weston-super-Mare, North Somerset, BS23 1JN
naeaarlanavatpoTSI-AChomeLetdpsrightmovezooplaprimelocation2boominGoodlordEIG