However, the statistics reveal that the average mortgage payment is £120 lower than in February 2008 - a saving for consumers of almost £1,500 per year.
Mortgage product highlights:
• The average number of live products available to mortgage intermediaries fell from 3,707 in January to 2,983 – a loss of 724 individual products and a drop of 19.53%.
• Year on year analysis shows that live mortgage product availability dropped from 31,825 in February 2009 to just 2,983 in February 2009. This equates to a reduction of 28,842 individual products.
David Aylmer, marketing and business development director at Trigold, commented on the results saying: “Although product numbers continue to fall and broker activity has witnessed a remarkable 50% drop since last year, the cost of mortgages is falling which is good news for consumers. Furthermore, although the latest interest rate cut is unlikely to translate directly into product pricing it does still mean that there are some affordable deals available for those with a significant deposit. The availability of mortgage funds is still a widespread concern for the industry but product affordability is a message that brokers should be talking about to their existing and prospective clients.”
