Mortgage products 'exceed 3,000 mark'

Posted: 07 Jun 2010 13:08:12 GMT

The amount of mortgage products on the market has now exceeded 3,000, according to a new report.

A study from moneysupermarket.com showed the number of services has grown by 42 per cent since July 2009.

However, the amount of products is still down 90 per cent from three years ago when there were 28,413 on the market.

The largest growth has been in those offering five-year, fixed-price mortgages, which have increased by ten times since June last year.

Hannah-Mercedes Skenfield, mortgage manager at the price comparison site, said: "It is encouraging for consumers that banks and building societies are starting to return to the market."

She added that there had been good news over the last couple of months for first-time buyers as there has been an increase in the number of lenders offering 85 and 90 per cent mortgages.

House prices are continuing to increase, with the Land Registry announcing a year-on-year rise of 8.5 per cent in April for England and Wales.


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