The number of mortgages available to UK homeowners has reached the 2,500 mark for the first time since May 2009, having risen for three consecutive months.
According to research from Moneysupermarket.com, the price comparison site, the increase in the number of mortgages is a step in the right direction. But there is still some way to go before the mortgage sector recovers to pre-recession levels, when there were 30,000 mortgages on the market.
Moneysupermarket.com mortgages channel manager Hannah-Mercedes Skenfield said: ‘This is good news for buyers, as passing the 2,500 barrier does suggest that those looking for a mortgage are finding more and more choice, and where there is choice there is competition.’
Which? mortgage caution
While welcoming the increased number of mortgages available Which? principal policy adviser Dominic Lindley urged the industry to ensure new offerings are of a high standard. He said: ‘We need more competition in the mortgage market, but what matters for consumers is the quality of the products and advice on offer rather than their total number.’
Buying a home and mortgages
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