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Mortgage market grows 42% in 12 months

Mortgage market grows 42% in 12 months

07 June 2010 / by Rachael Stiles

The total number of mortgage products available has grown 42 per cent since July 2009, according to market analysis from

There are now more than 3,000 mortgages on the market, nearly twice as many as this time last year, and this marks the first time it has broken through this barrier since July 2009 when the market was at its lowest, says the comparison website.

But, the mortgage market of 3,100 products is still a shadow of its former self, with the number of different products available down 90 per cent from the highs of 28,413 in July 2007, before the housing crash.

Commenting on the figures, Hannah-Mercedes Skenfield, mortgage manager at, said: "The financial crisis really hit the mortgage market hard with the number of products falling by a massive 92 per cent," but, following the uncertainty in the market, "in 2010 we have started to see confidence return," she said.

While the market is still far from the highs of three years ago, Ms Skenfield said it is "encouraging for consumers" that more choice is returning.

There has also been growth in the number of higher loan to value mortgages available, requiring smaller deposits, with higher numbers of mortgage lenders offering 85 and 90 per cent deals, which, she said, is "Good news particularly for first time buyers."

Ms Skenfield said she expects this upward trend in the number of products on the market to continue, so, she suggests, "if you are looking for a mortgage, now is a good time as there is more choice."

© Fair Investment Company Ltd