The mortgage market is making a comeback. After a period of uncertainty due to the pandemic, the number of mortgage products on the market is on the rise. According to the latest figures from the Council of Mortgage Lenders, there are now more than 4,000 deals available for those looking to purchase a new home or remortgage their existing one.
The resurgence of the mortgage market is being driven by a combination of factors. Firstly, the Bank of England’s base rate remains at an all-time low, making borrowing cheaper. Secondly, lenders are becoming more competitive, offering more attractive deals to borrowers. Finally, the government’s stamp duty holiday has made it more attractive for people to move, boosting demand for mortgages.
The range of products on offer has also increased. Lenders are now offering more low deposit mortgages, allowing people to purchase a home with just a 5% deposit. There are also more deals available for those with a smaller deposit, such as the 95% loan-to-value mortgage. In addition, lenders are offering more flexible mortgages, allowing borrowers to make overpayments or take payment holidays.
The resurgence of the mortgage market is good news for those looking to purchase a home or remortgage. With more products on offer, borrowers have more choice and can find a deal that meets their needs. However, it is important for borrowers to shop around and compare the different deals on offer before taking out a mortgage.
Overall, the mortgage market is making a comeback, with more products on offer than ever before. This is good news for borrowers, as it gives them more choice and makes it easier to find a deal that meets their needs.