There are now just 2,282 home loans from which borrowers can choose – less than half the number of products available one year ago and more than 90% below the 27,962 available in July 2007, according to the comparison site moneysupermarket.com. First-time buyers can access 1,195 mortgage products down from 17,756 in July 2007.
A similar thing has happened in the US.
While choice is a good thing, I saw the large number of mortgage product choices during the credit boom as more of a reflection of loose lending standards, a symptom of the problem.
I’m not sure fewer choices aren’t a bad thing. Am I missing something?