Mortgage availability passes critical 2,500 mark

The number of mortgage products available surpassed 2,500 last week, for the first time since May 2009.

This was the third consecutive month of increases in products available, according to  moneysupermarket.com.

Despite the upsurge, the figures are still well below the number available pre-credit crunch.

Prior to the collapse of Northern Rock in August 2007, there were over 30,000 mortgage products on the market, or 12 times the number available today.

Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, says: "This is good news for buyers, as passing the 2,500 barrier does suggest those looking for a mortgage are finding more and more choice, and where there is choice, there is competition."