Mortgage levels dip to record low
Mortgage levels dip to record low
Tuesday 7th July 2009
The number of mortgages on the market has dropped drastically during the last two years, new data shows.According to moneysupermarket there are currently just 2,282 mortgage deals available, compared to 27,962 in July 2007.
And this time last year there were 5,040 mortgages.
For first-time buyers, there are only 1,195 mortgage deals available.
Louise Cuming, head of mortgages at moneysupermarket, said: "Despite all the recent initiatives from the government and Bank of England, the lack of credit is an ongoing problem.
"This will continue to hinder any sustainable recovery in the housing market so until this changes, and more mortgages become available, house price growth will remain muted at best, with further falls possible, and many borrowers will struggle to get a mortgage."
She added it was doubtful whether the number of products will increase significantly any time soon.
"Lenders are competing to attract the same borrowers - those that are seen to offer the least risk to the bank - and there is no sign of this trend changing," she said.
Last week, the Bank of England reported credit conditions had improved "slightly" over the second quarter of 2009 – the first rise in mortgage availability since 2007.
However, it did reveal mortgages for deals over 75 per cent loan-to-value (LTV) were still no easier to come by.
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