A figure last seen during the heady days just before the housing market slowdown in 2008
The number of mortgage products available is now over 23,000 – a figure last seen during the heady days just before the housing market slowdown in 2008.
The total number of products available, after a rise for the eighteenth consecutive month, now stands at 23,478.
The figure is just one of a series released today by the Mortgage Advice Bureau which seems to suggest at least this side of the industry is not showing any sign of Brexit downturn.
More than 90 per cent of borrowers are fixing their mortgages, presumably in anticipation of future rises despite the recent base rate drop to 0.25 per cent.
MAB reiterates that necdotal evidence would indicate that the lending market remains buoyant, with consumers continuing to benefit from rates which remain close to all-time lows.
Whilst the total number of mortgage applications slightly decreased 0.38 per cent in July compared with June, remortgage applications rose 4.24 per cent month on month and 29.8 per cent year on year.
“Although many had expected activity in the market to pause or drop significantly in July due to the referendum result in June, overall the data would suggest that, whilst there has been a slight cooling in purchase activity it’s been ‘business as usual’, with an increase in demand for remortgages” according to Mortgage Advice Bureau’s head of lending, Brian Murphy.
The MAB data comes from over 850 advisers and 900 estate agents across the UK.