Availability of Mortgages in UK Shrunk in December

The latest report by Mortgage Brain published on January, 10th suggests that the number of mortgage products available in the UK slightly fell in December, 2011.

Despite this fact, however, the overall number of mortgage loans available to Brits in the past 6 months of 2011, was 6% up from the first half of the year.

Banks and building societies were particularly keen on introducing new variable rate products. Their number rose by as much as 50% and reaches 1,500 in the second half of 2011. The number of fixed-rate mortgages, on the contrary, fell by 2% over the sa,e period.

Commenting on the findings, Mark Lofthouse of Mortgage Brain, highlighted: "The past two years have seen vast improvements in product availability for intermediaries, especially when compared to the roller coaster years of 2007 to 2009."

He also said that the company's analysts do not expect the number of available mortgages to shrink this year.

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