The number of mortgage products available in the UK has fallen by over two thirds in the past twelve months, according to Moneyfacts.co.uk.
The onset of the credit crunch has decimated the UK market, with a sharp reduction in the number of specialist mortgages available and an equally sharp rise in the cost of home finance. Moneyfacts.co.uk’s figures show there were 13,027 mortgage products available in the UK in August 2007. This has fallen by 72% to just 3,748 this month. Specialist mortgage products have been the hardest hit by the crunch, with riskier product offerings almost disappearing completely. A year ago, 11 lenders, including Northern Rock, were offering mortgages worth more than 100% of a property’s value, but t...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes