Mortgage Brain’s latest Monthly Product Analysis reports that the number of live mortgage schemes available to brokers has risen by 57% during the past six months.
Over 2,600 new mortgage products have been introduced into the UK intermediary mortgage market since April 2010. Current figures (as of 4 October), show that the total number of live mortgage schemes listed on its sourcing system stand at 7,320.
For the first time in five months, however, a decline (4%) in product availability was seen during September following the withdrawal of 298 products. It’s a small movement though compared to August, which saw a record monthly increase of 1,537 new products (25%).
Mixed movement was also seen during the past month for the industry’s three main product types – Fixed, Tracker and Variable.
Fixed rate products witnessed their first decline in five months (7%), with current figures listing 4,667 products, down from 5,020 on 30 August 2010.
Trackers increased slightly for the first time in three months, up 1% from 1,649 (as of 30 August 2010) to now represent 1,668 of all available products.
Variable rate products fared the best during September, however, increasing for the tenth month in a row (4%) with current figures listing 985 products – up from 949 on 30 August 2010.
The 12 month analysis for all three product types also makes for favourable reading with current figures showing impressive increases of 148% (Variable), 151% (Trackers) and 159% for Fixed rate products.
Mark Lofthouse, CEO of Mortgage Brain, said: “Despite seeing a slight dip in product availability during September