I read with interest a recent report from mortgage monitor Moneyfacts which confirmed there have been 15 months of consecutive increases in residential mortgages and that there are now over 4,500 different mortgage options available to home buyers in the UK.
The number of mortgages available hit an all-time low in April 2009 when there were just 1,209 different types. Since then, though, the number of mortgage deals available has grown substantially as current figures testify.
Moneyfacts spokesperson, Charlotte Nelson, said “the numbers this month were boosted by several lenders entering the three-year fixed rate market, which saw the number of three-year fixed rate deals increase by 48 products to 439.”
She added that “the talk of an impending base rate rise means borrowers are starting to look at their options to protect themselves from a potential rise in monthly repayments. Since a five-year fixed rate can be too long for some, a three-year deal can bridge the gap.”