The number of mortgage products available to intermediaries has increased by 40% during the past six months, according to new figures from Mortgage Brain’s Monthly Product Analysis.
It says that over 3,900 new mortgage products have been introduced into the UK intermediary mortgage market since March 2011.
A 2% increase in product numbers during August has taken the total number of live mortgage products listed on Mortgage Brain’s market leading sourcing system to a new high of 13,842 as of August 30.
Mixed movement was seen during the past month for the industry’s three main product types, however, with variable rate products dropping (by 1.5%) for the first time in three months: they now represent 1,724 of all available products.
Following a 3% increase (258 new products) during August, fixed rate products remain the most popular product type, accounting for 60% of all available products, with 8,273 products being listed on Mortgage Brain’s sourcing system.
A 1% increase last month saw trackers climb for the fifth month in a row and they now stand at 3,845 – up from 3,808 at August 1.
Mark Lofthouse, CEO of Mortgage Brain, said: “Mortgage product numbers have increased for the ninth month in a row, which is great news for brokers, and the longer-term analysis illustrates that the UK intermediary mortgage market continues to show real and significant improvements in terms of product choice and availability.
“Twelve months ago, we had 7,618 products being listed on our system. Since then 6,224 new products have been introduced to bring the current total to 13,842. That’s an 82% increase since August 2010, which speaks volumes for the direction in which the market has been heading.”
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