Number of mortgage products increase again
The number of mortgage products available to UK mortgage intermediaries has increased for the seventh month in a row.
This is according to figures released in Mortgage Brain’s Monthly Product Analysis.
A 4% increase in product availability during June has taken the total number of live mortgage products listed on its sourcing system to their highest level since 28th April, 2008.
Current figures, as of 4th July, 2011, now list 12,525 mortgage products – up from 11,996 on 30th May 2011.
Positive movement was seen across the board for all main product types with variable rate products witnessing the biggest rise (21%) in product numbers to now represent 1,500 of all available mortgages.
A 6% increase (180 new products) during June saw the number of trackers climb for the third month in a row with current figures (as of 4th July, 2011) now standing at 3,237.
A fourth consecutive monthly increase (1%) has seen the total number of fixed rate products rise to their highest level since August 2008 and now represent 7,788 of all available mortgage products.
Over 4,000 new fixed rate products have been introduced to the UK intermediary mortgage market over the past 12 months further cementing them as the market’s most popular and dominant product type.
Mark Lofthouse, CEO of Mortgage Brain, commented, “Further encouraging data has been extracted from this month’s product analysis, which is great news for brokers and the mortgage market as a whole.
“Around 4,500 new products have become available during the past seven months alone and healthy increases across the board has seen the number of fixed, variable and trackers climb to their highest level since the summer of 2008.”
John Read, Managing Director of Shaws Estate Agents said: “The growing number of mortgage schemes available demonstrates two things. One, that there is a growing confidence amongst lenders and with increasing competition that is good news for the consumer. Two, consumers need to seek out professional advice to ensure they are getting the best deal for the, At Shaws Estate Agents our mortgage advisers will be happy to discuss requirements in complete confidence.”
