Less Is More (work than you'd like).

“Mortgage market in downward spiral” said Moneysupermarket.com this week, when revealing that the number of mortgage products now available stood at a measly 2,282, down from a whopping 27,962 two years ago. Now you could easily be forgiven for panicking when seeing those numbers, wondering if you’ll ever get another mortgage, but panic not, it’s not as bad as it seems. The figures quoted are accurate, but include specialist mortgages, such as those for buy to let properties, and borrowers with a poor credit history, the two sectors of the market hit hardest by the credit crunch, with lenders either dramatically reducing their product range, or disappearing from the market altogether. Even when you remove these specialist mortgages, which most borrowers aren’t interested in and don’t need, there is still a huge choice, further complicated by lenders rapidly changing lending criteria, and withdrawing mortgage deals with little or no notice. These rapid changes are creating difficult market conditions, making sourcing the best deal tough, so it’s more important than ever to take advice when looking to buy or remortgage. Can you imagine finding, wading through and comparing 2,282 mortgages on your own, trying to find the best one? By the time you’d have finished, the lender would probably have withdrawn it.

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