The return of mortgage products
A full range of Mortgage products are now returning to the market, following a collapse in availability during lockdown. In March 2020 there were 431 products available for a fixed mortgage deal on a 90% loan-to-value, whereas in May this was just 35.
The increase in mortgage products will be slow and steady, and lenders will look to prioritise existing customers and those that are part of the back log of around 350,000 sales which did not complete during lockdown.
Experian has also said that mortgage enquiries are now back to levels last seen in January this year ad that that there were 57% more enquiries in May compared to April. This huge increase is likely to be from pent-up demand from during lockdown.
Lockdown has allowed people to reflect on their lifestyle and property and has influenced many to see what other options are available to them, whether this is through remortgaging or selling and purchasing property. Interest rates are also extremely low at the moment, which has also led to this increased demand.
At Andrews we have Mortgage Advisers and Protection Specialists available to make sure you’ve got the right protection and mortgage in place, for your situation.
We understand that during these difficult times you might be taking a look at your finances and be in need of some advice and support. Our Mortgage Advisers and Protection Specialist at Andrews are able to offer this guidance and advice.
At the moment we’re currently offering to arrange your remortgage for free, and arrange all Key Workers mortgages for free* as well, so there’s never been a better time to speak to an adviser. For more details see here.
Sources: Dataloft Inform, Moneyfacts, Smart Money People and Expedia.
*T&CS apply.
