'Fewer tracker mortgages available' for property buyers

Posted: 27 Jul 2009 10:25:12 GMT

The number of tracker mortgage products offered by brokers has fallen by more than 80 per cent in the last year, says new research.

Figures released by Moneysupermarket.com suggest that despite some signs of recovery in the housing market the range of mortgage deals has fallen dramatically.

The comparison site says the area most affected has been one-year tracker mortgages.

In July last year 522 of the one-year deals were available while today there are only two, a fall of 99.6 per cent.

Head of mortgages at moneysupermarket.com Louise Cuming described the events of the past 18 months as "a complete meltdown in the mortgage market".

"Whilst it may not be surprising to see lenders pulling these products, it is a stark reminder that lenders call the tune and competition is no longer the name of the game," she added.

Members of the Association of Mortgage Intermediaries are being invited to contribute to consultation on future regulation of the market.

The association aims to improve buyer access by examining issues including affordability and business conduct.

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