2 Feb

More mortgage options to buy houses for sale in 2011

More mortgage options to buy houses for sale in 2011

People planning to buy houses for sale in 2011 may benefit from a greater quantity of mortgages on the market.

The number of mortgage products available to people buying houses in the UK has more than doubled over the past two years, according to Moneyfacts.

The financial advisor has revealed that in 2009 1,097 different mortgages were available, whereas today 2,447 products are on offer.

Mortgages for people with a 20 per cent deposit have seen a threefold increase in the number of deals available to them.

However, renting could become more popular in 2011 due to mortgage lending issues.

Michelle Slade, spokeswoman for Moneyfacts, said: "Although lenders' windows may be full of best buy deals, it doesn't mean they are wanting to lend.

"The increase in the number of mortgage deals for those with smaller deposits is encouraging, but only a limited number of such mortgages are likely to be approved."

MyMortgageDirect recently reported seeing a rise in mortgage applications in 2010, with 400,000 home loans granted.ADNFCR-1222-ID-800380979-ADNFCR

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