Mortgage product numbers increase yet again

Over 500 new mortgage products were introduced into the UK intermediary mortgage market last month taking the total number of mortgage products listed on its market leading sourcing system to a 41 month high of 14,361 (as of 3rd October 2011).

The latest analysis makes favourable reading according to Mortgage Brain with the current figures showing an impressive 96% uplift in overall product availability compared to this time last year, and a 38% increase compared to six months ago.

Out of the three main product types variable rate products have performed the best over the past 12 months, witnessing a 126% increase since this time last year and now represent 2,224 of all available products.

Fixed rate products, which have remained the most popular product type for well over three years, saw a 3% increase (251 new products) during September and now account for 8,524 of all available products.

Trackers continue to fluctuate, however, witnessing a 6% decline during the past month and now stand at 3,613 (as of 3rd October 2011). Despite the slight drop, Trackers have performed incredibly well over the past 12 months having seen a 117% increase since October 2010.

Mark Lofthouse, CEO of Mortgage Brain, commented, “The past few years have been incredibly challenging for the UK mortgage market, and for mortgage brokers in particular; however, the data from our product analysis over the last few months has been extremely positive and this continues to be the case.

“Mortgage product numbers continue to rise and are now at their highest level since April 2008, which is great news for the intermediary mortgage market as a whole. The number of products with an 80% or more LTV ratio has increased by around 30% over the past six months and the number of BTL products has also increased with more and more BTL lenders returning to the market.

“What is crystal clear, however, is the fact that mortgage intermediaries, with access to the biggest range of mortgage products available in one place, should be the first port of call for homebuyers looking to secure their first mortgage or discuss possible re-mortgage opportunities.”