October ‘marks weakest start to the month for mortgage choice in over a decade’

The number of available mortgage products at the start of this month was the lowest since May 2010, according to Moneyfacts.co.uk.

People looking in an estate agent's window
People looking in an estate agent's window

October has seen the weakest start to the month for mortgage product choice in more than 12 years, according to a financial information website.

Some 2,258 residential mortgage products were available on Saturday October 1, according to Moneyfacts.co.uk.

This was the lowest figure for the first day of a new month since May 2010 when 2,087 deals were available, it said.

Lenders pulled mortgage products from sale in large quantities last week amid market turmoil following the mini-budget.

On the first day of September this year, there had been 3,890 mortgage products for sale.

By Monday this week, there had been a slight improvement compared with Saturday, with 2,262 mortgage products to choose from.

Rachel Springall, a finance expert at Moneyfacts.co.uk said: “Borrowers may be concerned to see a further fall in mortgage availability but many lenders have been very vocal that their withdrawals are on a temporary basis amid interest rate uncertainty.

“Seeking advice from an independent broker would be wise, especially for those borrowers who have not yet started the mortgage process and are deterred from the level of choice and much higher mortgage rates than they were perhaps anticipating.

“The next few weeks will be crucial to see where lenders go from here, but we have already seen some new fixed deals arrive since last week.”

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