Good News for First-Time Buyers and Upsizers

Product Availability Trebles

New data shows the mortgage market has bounced back from the turbulence of two years ago.

Think back to this time in 2022, and you’ll recall the mortgage market was in complete disarray.

In the aftermath of the Mini-Budget, there was a frenzy of activity – none of it good for homebuyers or people looking to renew their mortgage.

Worried lenders were pulling products left, right and centre, and the average two-year fixed deal jumped by 2% in just a month.

But that was then, and this is now.

Two years later, the mortgage market has rebounded, as demonstrated by the release of new data earlier this month.

More products on offer for consumers

The Moneyfacts UK Mortgage Trends Treasury Report revealed that nearly three times as many products are available now than two years ago.

In the dark days of October 2022, 2,258 fixed and variable products were on the market. Today, there are 6,445 products to choose from.

The increase in the number of products is spread across the board, so it’s positive news whether you’re a first-time buyer with a small deposit (and a larger loan-to-value rate) or an established homeowner with more equity.

Change in availability

Let’s compare the situation in October 2022 to October 2024.

• 95% loan-to-value - There were 132 products available then compared to 351 now.

• 90% loan-to-value - There were 295 products available then compared to 751 now.

• 60% loan-to-value – There were 337 products available then compared to 775 now.

More products mean greater choice for consumers willing to shop around for the best deal.

Products are available for longer

Another interesting fact that emerges from the data relates to product shelf life. This figure refers to how many days a mortgage deal is available before a lender pulls it.

On average, mortgage deals currently stay on the market for 21 days compared to 15 days two years ago.

But wait, could more good news be on the way?

One area we haven’t touched on is interest rates. Is there any movement on the horizon? Let’s hope so.

The Bank of England (BoE) meets on 7 November to discuss rates, and there is much anticipation that a cut will be likely. This is because inflation fell faster than expected in September to 1.7%.

We’ll be following the announcement and will keep you updated.

Do you know someone who’s looking to move and thinking about mortgages?

Please share this article with them and help them get the best deal.