Over 1,500 mortgage schemes were added during August – the largest monthly increase in over 20 months, according to the latest Mortgage Brain Monthly Product Analysis.
The total number of live mortgage schemes listed on its sourcing system increased by 25% in the past month, up from 6,081 on 2 August to 7,618 (as of 30 August).
Fixed rate products were responsible for the bulk of new products introduced last month. A 31% increase (1,179 new products) during August brings the total number of fixed rate products available to UK intermediaries to 5,020 – up from 3,841 on 2nd August 2010.
Variable rate products now represent 949 of all available products – their highest in over two years – having witnessed an 85% increase (437 new products) during August.
Trackers however fell for the third month in a row (5%) but still hold their ground as the second most popular product type by representing 1,649 of all products.
350 new core lender products were introduced in August, representing a 17% increase in availability. Broker exclusives fared even better, witnessing a 29.9% increase (1.187 new products) during August 2010.
There was also a 9.7% increase in lender direct products, bringing the total to 1,280.
Mark Lofthouse , CEO of Mortgage Brain, said: “Compared to August 2009 the UK mortgage market has moved ahead leaps and bounds in terms of product availability
