There are now more than 15,000 mortgage products available in the UK, the highest level recorded since the financial crisis of 2008.
This is according to research from Mortgage Advice Bureau (MAB), which has found that there was a 10% increase in the number of deals on offer between July and August. This was driven by a sharp increase in the range of loans available via brokers – they were up 16%, in contrast to a 2% fall in the number of products available direct from lenders.
This means that brokers’ share of the total product range has increased to 71% of the market. MAB said that recent figures from the Council of Mortgage Lenders showed that brokers were responsible for 69% of loans in the second quarter of 2015.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “There has been a seismic shift over the last year as brokers have become an even bigger gateway for customers hoping to secure a mortgage. The product range has never been bigger since the recovery began, and no single lender can hope to rival the choice available via a whole-of-market adviser.
“Rather than being overwhelmed by options, customers are increasingly leaning on brokers to do the legwork for them. Taking this step avoids the risk of consumers picking what looks like the most attractive headline rate, going direct to that lender and missing out on a wider choice of products that may be better suited to their needs.”