Mortgage Monitor: Product numbers climb 14% since depth of the crisis

The number of mortgage products available to borrowers climbed 3% last week following the resumption of housing market activity.

Borrowers now have 8,450 products to choose from, up 14% from the depth of the crisis six weeks ago, according to lending technology company Mortgage Brain. ESIS volumes, a proxy for mortgage market activity, climbed 9% last week, and are up 29% since the trough.

Also last week, according to Knight Frank Finance data:

• 31 lenders confirmed the resumption of physical valuations
• Nine lenders reinstated lending in areas previously restricted or suspended
• Seven lenders confirmed LTV increases in both the residential and Buy-to-Let sectors
• Six lenders confirmed increases in maximum loan sizes

Though conditions are improving, there is still some way to go before normality returns. Despite increases in product numbers and ESIS volumes over recent weeks, they both remain down 42% and 31% respectively on the pre-crisis peak.

"It's encouraging to see lenders reintroducing products, abolishing temporary caps on loan sizes, and resuming their appetite to gain market share," said Hina Bhudia, Partner at Knight Frank Finance. "More options will mean better deals for borrowers in the long-run."

Whether you'd like to reassess your options, or just have a conversation with an informed advisor to better understand what these recent developments mean for you, please get in touch. Email us at support@knightfrankfinance.com