Reports say remortgages are set to rocket over the next 12 months but finding a mortgage or remortgage deal that suits may prove difficult.

According to moneysupermartket.com the number of mortgages currently on offer went from 30,107 to just 6,329. More worryingly this huge drop happened in just 8 months.

This will have a big impact on those wanting to remortgage and those looking for a mortgage deal.

For first time buyer 100% mortgage deals are virtually impossible to find, though the Bank of Ireland offers one they require a relative to act in the same way as a guarantor.

Louis Cuming from moneysupermarket.com said “the number of 95% mortgage deals has fallen from 1,494 to a mere 399 today “

For anyone wanting to jump on the property ladder now could be a very difficult time. Those who are looking for a remortgage deal face the same problems with fewer options available many will be forced to stay with there existing mortgage provider and pay the standard variable rate (SVR). Currently the SVR is above the Bank of England rate by around 4%.