Lack of available mortgages "depressing"

Date:Wednesday 8th July 2009
Author: Susanna Kavka

The lack of mortgages available currently is "depressing", it has been claimed.

According to Peter O'Donovan, head of mortgages at Bestinvest, it is disappointing to see falls in the number of home loans available.

He made his comments in the wake of figures produced by price comparison site, which indicate that 2,282 mortgage products are on the market.

This is around ten times fewer loans compared with July 2007.

Mr O'Donovan said: "It is depressing to see such a big difference in the amount of products available".

However, he added that there is a positive side to the fall in loan availability.

According to the expert, it is now easier for brokers to recommend which home loans are suitable for individual consumers because there are not so many variations on the same products.

He stated: "It is a lot clearer when sitting with a client to be able to make a recommendation."