Landlords’ mortgage choice grows as market returns …
Growing mortgage product choice shows growing confidence in aspects of the housing market, even before anticipated rate cuts.
That’s the view of Octane Capital chief executive Jonathan Samuels who says that during the second quarter of this year, first-time buyers benefited a 7.7% increase in the number of mortgage products available.
Buy to let landlords have also seen a considerable increase in mortgage product availability, with a 6.2% increase in the last three months, also up 2.5% since December. As a result, buy to let mortgage products now account for a fifth of all products in the current market.
Home movers (5.6%) and remortgagers (3.2%) have also benefited from a quarterly uplift in product availability, with both segments of the market also seeing substantially more choice versus the end of last year, with respective increases of 10.8% and 9%.
Samuels says: “We’re yet to see interest rates fall despite inflation now seemingly under control, but given the prolonged period of economic uncertainty that has enveloped the nation and the Bank of England’s cautious approach in managing it, it’s no surprise that it’s been deemed too early to cut rates.
“The good news is that since the base rate has been held at 5.25%, a greater degree of stability has returned to the mortgage sector and the wider property market. As a result, lenders have been increasing the number of products available to all buyer segments and this greater level of choice not only benefits buyers, but demonstrates confidence in the market.”
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