Mortgage product availability has improved for first-time buyers and buy-to-let (BTL) landlords in the second quarter of the year.
According to Octane Capital, first-time buyers’ product availability has improved by 7.7% between March and June of this year to around 700 deals.
This is also 12% up from the end of last year. However, first-time buyer deals only account for 7.1% of all mortgage products on the market.
BTL landlords’ product availability jumped by 6.2% in the last three months to around 2,016. This is also up by 2.5% at the end of last year.
BTL products made up around 20.4% of total products.
Remortgage accounted for the largest proportion of products at 3,455, equal to 35% of total products. This is a 3.2% uptick in product availability during the last three months and 9% up on the end of last year.
Moving home had around 3,323 deals, making up 33.6% of total products. This represents a 5.6% improvement in product availability in the last three months and is 10.8% up on December.
Jonathan Samuels, Octane Capital’s CEO, said: “We’re yet to see interest rates fall despite inflation now seemingly under control, but given the prolonged period of economic uncertainty that has enveloped the nation and the Bank of England’s cautious approach in managing it, it’s no surprise that it’s been deemed too early to cut rates.
“The good news is that since the base rate has been held at 5.25%, a greater degree of stability has returned to the mortgage sector and the wider property market.”
He added: “As a result, lenders have been increasing the number of products available to all buyer segments and this greater level of choice not only benefits buyers, but demonstrates confidence in the market.
“With a rate cut on the horizon, it’s shaping up to be a far stronger year for the property sector and we’ve already seen signs of a return to form emerging since the start of the year.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
