Moneyfacts magazine have revealed the number of various different mortgage products have increased again and is now at its highest level since November 2008.
Because of the increased competition in the mortgage market, interest rates ahave also fallen according to research from Moneyfacts.
Whilst there were no pre credit crunch zero deposit deals on the market, and only a handful of those with a 5% deposit, there was an increase in mortgages for those with a ten per cent deposit, up from 176 this time last year to 261 at the beginning of this week.
Banks are starting to offer more and more deals, but are continuing to remain strict on their lending criteria. Banks are continuing to thoroughly investigate an applicant’s credit history before lending any money.
The largest group of mortgage products remains the category for those with more than 25% as a deposits. Over 808 different mortgages exist in this category giving strong competition and some very low rates to customers who have such large deposits available.
In fact the interest rates have now fallen so low that Moneyfacts revealed last week that the average interest rates on new mortgage deals was at its lowest rate for 23 years.
Customers looking for a mortgage should be aware that the average two-year fixed rate deal is currently 4.32%, whilst three year deals were 4.92%.
Those customers looking for peace of mind over the next five years can find an average fixed rate deal of 5.29% with the average two year tracker at just 3.37% now.
A Moneyfacts spokeswoman added, “Lenders appear to be applying the recent cuts equally across all loan-to-value tiers, which is good news for first-time buyers, as previously cuts were only being applied to the lower loan-to-value bands,”