The number of residential mortgages on the market is at its highest since 2008, with more than 5,000 products currently available.
As of July 2018, buyers have a whopping 5,035 deals to choose from, up from 4,791 in June.
Talking about the drastic rise in mortgage deals on the market, Charlotte Nelson, finance expert at Moneyfacts says: “This is the largest monthly increase since November 2014.
“Data from the Moneyfacts UK Mortgage Trends Treasury Report showed that back in 2008 just over half (54%) of the products on the market were fixed rate, compared to a whopping 82% this month.”
Over the last few years, mortgage rates have been extremely low, making it no surprise that many would rush to secure a fixed deal. Doing so can allow homebuyers and remortgagers to secure their mortgage and ensure their repayments stay the same for the length of their initial mortgage term.
When we combine the sheer number of products to choose from along with historically-low interest rates, it may seem as though obtaining a mortgage is now easier than ever before.
However, affordability obstacles still need to be overcome and with so many mortgages available, people may feel a little overwhelmed with the sheer amount of choice on offer.
This is where a mortgage broker can help:
Comparing deals
Although a mortgage broker is unlikely to have access to every deal available, they’ll be able to compare hundreds of mortgage products across the market before highlighting the most suitable ones for their client. They’ll do what they can to help homebuyers and remortgagers save money on their mortgage.
Overcoming common mortgage obstacles
Applying for a mortgage can see you having to jump through numerous financial hoops in a bid to prove that you can afford the loan you’re trying to secure.
For example, if you’re self employed, have a poor credit rating, or you earn a low salary, you may be turned down by some lenders. Thankfully, a mortgage broker may be able to help you overcome these common mortgage application obstacles. They’ll know which lenders are most likely to look at your financial circumstances as a whole, rather than ruling you out at the first hurdle.
Saving time
Not only could a mortgage broker help to save you thousands of pounds off your mortgage, they could also save you a considerable amount of time and energy. Finding and comparing deals can be incredibly time consuming and the amount of paperwork involved in the application can be draining. A mortgage broker will take much of the admin off your hands, freeing you up to focus on the more enjoyable aspects of buying a home such as finding the perfect furniture.
To find out how TaylorMade can help you find the right mortgage, please get in touch with our team.
