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Mortgage products drop by a third

Almost a third of all mortgage deals, including buy-to-let products, have been pulled from the market in response to the coronavirus crisis.

Last week there were 10,097 products available,  4,577, or 31.2%, lower than the nine week average to 16th March, according to Mortgage Brain. 

The mortgage technology expert says the drop comes as a result of lenders reducing, amending or removing their products.

Mark Lofthouse, CEO at Mortgage Brain, said: “The level of changes we’re seeing in the market due to the impact of Covid 19 is unparalleled.”

The property market has been thrown into chaos in recent weeks as the government urged people not to move home as the pandemic continues to spread.

Eleanor Williams, finance expert at Moneyfacts, commented: “It is likely that competition between mortgage lenders for new mortgage business may take a step back during the foreseeable future, which we generally would expect to have an adverse effect on mortgage rates.”

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