Greater number of mortgages for buyers in 2010
06 May 2010
The number of mortgage products available to those looking to buy a home has significantly improved since last year, according to estate agency Connells.
Indeed, figures from leading mortgage technology provider Mortgage Brain, which analyses mortgage product availability, show there were over 1,500 more mortgages on the market in April 2010 compared to the same month last year.
Good news for those now looking to sell, Connells has recorded a marked increase in would-be buyers registering an interest with its branches since the start of 2010. This is especially true for first-time buyers which increased by 70 per cent in the first quarter of the year compared to the same period last year.
“The mortgage market has changed significantly since last year so it is no surprise that we are seeing more buyers coming into the branch,” explains Charles Haresnape, Group Mortgage Services Director for Connells. “There are now a greater number of options available to buyers and people are often surprised by the amount they can borrow and the rates available to them.
“Lenders do still require a minimum of ten per cent deposit, but I would urge those looking to move or buy for the first time this year to come in and talk through their options,” Charles continues.
Mortgage Brain CEO Mark Lofthouse comments: “Over the past 10 months, the number of mortgage products on the market has increased nine times in our monthly product analysis index. The UK mortgage market, like the economy as a whole, will fluctuate from time to time, so it’s important we pay attention to the longer-term comparisons and these are more positive than negative.”
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Notes to editors
Connells Residential is an appointed representative of Connells Limited who are authorised by the Financial Services Authority for the advising and recommending of regulated mortgage contracts and general insurance contracts. Your home may be repossessed if you do not keep up repayments on your mortgage.
About the Connells Group:
Founded in 1936, the Connells Group, a subsidiary of the Skipton Building Society, comprises 470 estate agency branches and is the second largest wholly owned estate agency network in the UK. In addition to operating under the Connells brand, which comprises around 150 branches, the Group trades under other well-known local names including William H Brown, Sharman Quinney, Fox & Sons and Barnard Marcus.
As well as residential property sales the Group is involved in a comprehensive range of housing related activities including land and new homes, lettings, surveying, mortgages, conveyancing, relocations, asset management and auctions.
The Connells Group has been named Best Large Estate Agency at the Estate Agency of the Year awards for four of the past six years. For more information, please visit www.connells.co.uk
About Mortgage Brain Limited
• Mortgage Brain Limited is the most widely used and preferred provider of point-of-sale, compliance, mortgage sourcing and electronic trading products and services for mortgage intermediaries.
• MBL Holdings, formed in 1986, is jointly owned by Abbey (Including Alliance & Leicester), The Lloyds Banking Group (including C&G, Halifax, Bank of Scotland, Lloyds TSB Scotland, Intelligent Finance, Birmingham Midshires), Nationwide (including The Mortgage Works), Northern Rock, Royal Bank of Scotland (including NatWest) and Barclays Woolwich.
• The consortium of six owners, together with their subsidiaries, collectively account for in excess of 65% of the new business mortgage market within the UK.
• MBL Holdings currently has over 26,000 users of its products and services.
• Mortgage Brain is a Microsoft Gold Certified Partner.
For further press information, please contact:
Damion Clark at the Mortgage Brain Press Office.
Tel: 01223 492130 or 07789 911314
For all other enquiries, please contact:
Mark Lofthouse, CEO of Mortgage Brain.
Tel: 01527 557203 or 07776 143 056