The availability of five year fixed rate mortgages has increased despite the total number of mortgages available today being just 12% of what was available back in April 2007, according to moneysupermarket.com.
In April 2007 there were just 39 five-year fixed rate deals available today that number has risen to 411. Over the same period the number of two-year fixed rate deals has fallen from 3,767 to 612, and the number of three year fixed rate products has plummeted from 2,398 to 449.
Hannah Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said: “To see the huge drop in the number of mortgages available compared to three years ago is a sobering reminder of just how badly the mortgage market was hit
