Two thirds of sub prime deals gone in six months

Two thirds of sub prime deals gone in six months
According to new research by Moneyfacts, two thirds of non-conforming products have been pulled from the market within the last six months. Julia Harris, mortgage analyst at Moneyfacts said: “Just over six weeks ago Moneyfacts’ research revealed a 40 per cent overall drop in the number of residential and buy-to-let products available since the market peaked in July. Since then, the prime markets have shown signs of recovery, with increased activity from providers and signs of innovation returning. However, since our last report in October, a further 20 per cent of sub prime residential products have been withdrawn and a staggering further 62 per cent of sub prime buy-to-let deals have disappeared, taking the overall total reductions since July to 63 per cent and 89 per cent respectively.”