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GREATER NUMBER OF MORTGAGES FOR BUYERS IN 2010

The number of mortgage products available to those looking to buy a home has significantly improved since last year, according to local estate agent Pattison Lane. Indeed, figures from leading mortgage technology provider Mortgage Brain, which analyses mortgage product availability, show there were over 1,500 more mortgages on the market in April 2010 compared to the same month last year.    

Good news for those now looking to sell, Pattison Lane has recorded a marked increase in would-be buyers registering an interest with its branches since the start of 2010. This is especially true for first-time buyers which increased by 70 per cent in the first quarter of the year compared to the same period last year.  

“The mortgage market has changed significantly since last year so it is no surprise that we are seeing more buyers coming into the branch,” explains Jeremy Collis, Mortgage Sales Director for Pattison Lane.  “There are now a greater number of options available to buyers and people are often surprised by the amount they can borrow and the rates available to them.  

“Lenders do still require a minimum of ten per cent deposit, but I would urge those looking to move or buy for the first time this year to come in and talk through their options,” Jeremy continues.  

Mortgage Brain CEO Mark Lofthouse comments: “Over the past 10 months, the number of mortgage products on the market has increased nine times in our monthly product analysis index. The UK mortgage market, like the economy as a whole, will fluctuate from time to time, so it’s important we pay attention to the longer-term comparisons and these are more positive than negative.” 

If you are thinking of moving in 2010 and would like to arrange an appointment with a mortgage consultant, contact your local Pattison Lane branch.