Available mortgage products decline 20 per cent in May

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Monday , May 12, 2008

The total number of mortgage products available in the UK dropped by around 20.6 per cent in the May 2008, compared with the month before.

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According to latest statistics from moneysupermarket.com, the number of mortgage products available in the market in May has dropped to 5,417, compared with 6,824 that were available in April.

One year ago there were 27,105 mortgage products available in the market.

First time buyer products also continue to disappear from the UK market, with 2,963 available in May down from 3,746 in April.

This compares with May 2007 when there were 16,858 first time buyer mortgage products available.

The average best two-year fixed rate mortgage product on the market is 6.22 per cent compared with 5.98 per cent last month and 5.35 per cent in May 2007.

See mortgage product statistics from last month here.