As at 31st January 2011 the number of mortgage products available to the general public via mortgage intermediaries has risen to 9744. This is up 21% from December 2010.
This again shows positive signs that things are slowly getting better. Yes we are million miles from where we want to be considering we had 77983 products available in early 2007. Which puts us at around 12% of where we were.
But still I would say this is encouraging as 12 months ago we were at rock bottom with only 2000 products available, this was a catastrophic 98% decrease in the market.
I have also noticed a number of lenders slowly starting to soften the criteria. This to be fair is half the battle as you can have all the products in the world but if the lenders only want a certain type of business then we are still very restricted.
Areas where products are slowly starting to soften are;-
- Non standard construction
- Historic mortgage arrears
- Homeowner loans