Lenders 'will respond to demand for mortgages'

17-Aug-2009

Mortgage advisors will begin to increase the number of products on offer when there is greater demand, it has been claimed.

Greater demand for home loans may prompt a boost in mortgage products, according to one industry commentator.

Moneynet, which outlines mortgage comparisons, has stated that lenders and banks are managing the current rate of business as opposed to expanding their product ranges.

In a statement that may be of interest to first-time buyers, Andrew Hagger, spokesperson for Moneynet, explained that an increase in mortgage options will occur "if they start seeing demand".

He added: "It will be some time yet before we start to see providers expand their product range.

"At the moment they are just managing the flow of mortgages on almost a day-by-day basis."

Research published recently by the Council of Mortgage Lenders showed that there are signs of stabilisation in the home loan market, which could be good news for people looking for their first mortgage.

It stated that there were 45,000 house purchases in June, worth some £5.9 million and representing an increase of 23 per cent compared to May.

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