More mortgages on the market

19 July 2011

The amount of mortgage products in the UK market has grown to its highest level since November 2008.

The statistics, compiled by Moneyfacts, has shown that the rise in available products has caused a decrease in the interest rates charged by lenders. This means that some buyers now only need a deposit of 10% in order to afford their next house, although there is still no sign of deposit-free products.

To put it into numbers, the amount of mortgage products at the 10% deposit level has risen from 176 to 261 when comparing July 2011 to a year previous.

The statistics also show that interest rates on new mortgage deals had fallen by the largest percentage in the last two decades. For example, the average two-year tracker was now approximately 3.37%.

Robin King, Move with Us Director, commented: "It's encouraging to see that more money is being made available to the wider market, not just those with large deposits. We hope that this will be the catalyst to reintroduce more proceedable buyers to the market. From the house valuation through to the best mortgage deals we've got all of these services available on our website."

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