The choice of mortgages has shrunk at the sharpest pace since the early stages of the coronavirus pandemic, analysis by Moneyfacts.co.uk. has found.
Their research discovered that mortgage borrowers have around 518 fewer products to choose from than they did in February. Mortgage rates are also on the increase with the average standard variable rate was 4.46% in February but now it stands at 4.61%.
But it’s not just prospective homeowners seeing the housing market tighten up across the UK as competition for rental properties is strong in many areas, and there are signs it has also been affecting prices.
