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2,500 mortgage deals hint at market revival
Monday, 18 January 2010 Writes Hazel Cottrell hazel.cottrell@consumerchoices.co.ukThe number of mortgage deals available to Brits is the highest since May 2008, but a full recovery is still a long way off.
The number of mortgage products available topped 2,500 last week, for the first time since May last year.
| A full recovery is still a long way off, but we are seeing signs of improvement. |
It’s the third month in a row that the number of mortgages available has increased, according to Moneysupermarket.com.
Hannah-Mercedes Skenfield, mortgages channel manager at Moneysupermarket.com said: “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.”
However, this figure pales in comparison to pre-credit crunch conditions. In August 2007, just before Northern Rock collapsed, there were over 30,000 mortgage products on the market.
Chris Eagle, commercial manager at Creditchoices.co.uk, said: “A full recovery is still a long way off, but we are seeing signs of improvement.”
He advised: “If you are looking for the best mortgage deal, compare mortgages from a variety of providers and consider consulting a whole-of-market mortgage broker for advice.”