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New Research has found that mortgage products are staying on the market for longer – borrower's choice and chances of approval are improving.

The dust looks to have begun to settle on a volatile mortgage market according to Moneyfacts.co.uk – the availability of a current mortgage deal lengthened from 18 to an average of 24 working days during September, the longest since October 2007.

Darren Cook, analyst for Moneyfacts.co.uk says: "This clearly demonstrates that rates are becoming much more static, although healthy competition within the market is still far from a reality.

"The average rate of a new variable and fixed rate mortgage has remained fairly static during the past three months – we have reached a plateau in the mortgage market and rates are unlikely to move noticeably from their current levels within the foreseeable future. Many economists have predicted that the Bank Rate will remain at its record low well into the fourth quarter of 2010. We need to accept that mortgage rates are unlikely to fall much lower and that the overall cost of financing personal debt will remain high."

So have we reached the bottom of the market? It's hard to say – mortgages are staying on the market for longer, but availability is still tough. That means you might have a better chance of getting your mortgage, but the lender may still say no.

The only thing you can do, if you are looking for a new loan or a remortgage, is to talk to a financial professional. They can help you source the best deal for you, help you apply for the loan and help negotiate with the lenders so as to get you approved. It's still a tough time for the mortgage market, but things are easing up and people are still getting the credit that they need.

SOURCE: Moneyfacts, 02/10/09

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