Good News for First-Time Buyers and Upsizers in Flintshire
New data shows the mortgage market has bounced back from the turbulence of two years ago.
Think back to this time in 2022, and you’ll recall the mortgage market was in complete disarray.
In the aftermath of the Mini-Budget, there was a frenzy of activity – none of it good for homebuyers or people looking to renew their mortgage.
Worried lenders were pulling products left, right and centre, and the average two-year fixed deal jumped by 2% in just a month.
But that was then, and this is now.
Two years later, the mortgage market has rebounded, as demonstrated by the release of new data earlier this month.
More products on offer for consumers
The Moneyfacts UK Mortgage Trends Treasury Report revealed that nearly three times as many products are available now than two years ago.
In the dark days of October 2022, 2,258 fixed and variable products were on the market. Today, there are 6,445 products to choose from.
The increase in the number of products is spread across the board, so it’s positive news whether you’re a first-time buyer with a small deposit (and a larger loan-to-value rate) or an established homeowner with more equity.
Change in availability
Let’s compare the situation in October 2022 to October 2024.
• 95% loan-to-value - There were 132 products available then compared to 351 now.
• 90% loan-to-value - There were 295 products available then compared to 751 now.
• 60% loan-to-value – There were 337 products available then compared to 775 now.
More products mean greater choice for consumers willing to shop around for the best deal.