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There are now 2,500 mortgages making up the UK mortgage market, according to moneysupermarket.com, the largest amount since May 2009.

While this is a far cry from August 2007 when there were over 30,000 mortgage products, this figure shows there is still choice and breadth for borrowers looking to get the right mortgage loan.

Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said; "This is good news for buyers, as passing the 2,500 barrier does suggest that those looking for a mortgage are finding more and more choice, and where there is choice, there is competition. This is also now the third successive month on month growth of available products, which suggests the increases are sustainable."

If you walk into your bank or your building society, you will not have the choice of 2,500 loans. You will only be able to access the mortgages that they offer, which is a small fraction of the UK market.

But if you talk to a whole of market mortgage broker, you will be able to have access to more than two-thirds of these loans. And the mortgage broker will not try and sell you a specific loan, they will pick the right deal for your circumstance – and it is likely there will be the right loan for you amongst thousands on offer. Their business is to help you find the right loan, not a specific lenders' loan.

If you choose a direct mortgage you may forever wonder whether there is a better deal out there that you were unaware of. But if you choose a loan via a whole of market mortgage adviser, you will have no doubts that your loan is the best possible mortgage you can access.

SOURCE: moneysupermarket.com, 18/01/10

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