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Mortgage Market Shrinks by 90%
Research released by a comparison website this week suggested that the products available in the mortgage market had fallen by over 90% in the last 24 months.
The research found 2,282 mortgage products available to buyers and people remortgaging in July 2009, compared with 27,962 available in July 2007.
Tony Rice of Bedfordshire-based specialist mortgage brokers TMP Mortgage Zone said: "Whilst the main high street lenders are certainly offering a smaller range of mortgage products than they used to, the dramatic fall in these figures is primarily due to specialist lenders - such as those offering self-certification mortgages or sub-prime products - withdrawing from the market completely."
At an appearance in front of the Treasury Select Committee this week, John Pain, Managing Director of Retail Markets for the Financial Services Authority said: "90% of these [specialist] mortgages customers have had access to the mortgage market and are still sustaining their mortgage accounts so we have to think very carefully about just eliminating this part of the mortgage market, otherwise you will close off opportunity for consumers."
First-time buyers or people looking to remortgage can use a specialist whole of market mortgage broker, such as TMP Mortgage Zone, to ensure that they have access to hundreds of different mortgage products from all the high street and remaining specialist lenders.
[ 09-07-2009 ]
