To get a mortgage in England now even cheaper

The choice of mortgage products offered by UK banks to its customers are currently three times more than in 2009. Now the UK citizens can choose among more than 12,000 different mortgage offers.

National index of mortgage brokers by leading mortgage broker Mortgage Advice Bureau (MAB), has provided information about 12032 mortgage product available on the market of banking services in the UK in November 2013. This is the largest number of proposals in the market of banking services for 5 years, since the index originated. For generating index data were used, who provided 500 brokers and 800 estate agents. The index showed a 10% slowdown in activity in November compared to October, but in October – 18% increase in buyer activity compared to September.

However, the number of applications for mortgage lending in November 2013, 45% higher than in November 2012 and 37% higher in 2013 compared to 2012.

According to the forecast of Mortgage Advice Bureau, the upward trend of mortgage products will continue in 2014, as a reflection of increased competition in the banking sector. Expanding the range of mortgage products, the market has seen a significant drop in mortgage interest rates, which reached an average value of 2.89% in November 2013, which is the lowest figure since 2007.

Large selection of mortgage products, which appeared on the market today, now has allowed many to refinance, choosing a more attractive mortgage program.

A variety of lines of mortgage products and government programs that are now on the market can cause difficulties for consumers, especially those who have no experience and was faced with a mortgage product. Therefore, a very important role in this situation plays a broker, helping the buyer to choose the most optimal offer in the market taking into account the circumstances of the buyer.

® Helen Entree. 27.12.2013 g.