The number of mortgage products available on the market has increased by 9.3% over the last 12 months to a new record high of 14,437, an increase of 1,233 products, according to latest data from Mortgage Brain.
Remortgage deals have seen the strongest growth, with product numbers increasing by 670 (7.4%) to a total of 9,718. Despite the upheaval seen in the buy-to-let sector in recent years, the number of products for landlords to choose from has still grown by 184 (4.5%) since February 2019 to 4,263.
Product numbers rose across all loan to value (LTV) bands, with deals available at an LTV of 70% or more seeing the sharpest uplift. Today there are 9,350 deals to choose from at this level, an increase of 1,230 (15.1%) since February 2019. At the other end of the scale, the number of products available to borrowers at 90% LTV has grown by just 25 (3.2%) over this time period, to a total of 796 deals.
Looking over a three-year period, the rise in products is even more significant, with the total number of mortgage deals on the market jumping by 6,077 (72.7%). This rise is most pronounced in buy-to-let, with product numbers rising by 2,007 (89%).
Mark Lofthouse, chief executive officer of Mortgage Brain, said: “Mortgage borrowers are the big beneficiaries of the heightened competition within the mortgage market now, with a greater level of choice than ever before.
“What’s more, this increase isn’t limited to a single area of the market, with products of all types and across all LTV bands seeing an uplift over the last year.
“The sheer number of deals to choose from demonstrates the value provided by mortgage brokers in helping their clients navigate these competitive waters. But they too need to think carefully about what technology they can use to help them sift through the many home loans lenders have on offer.”
