Mortgage schemes for brokers drop

The total number of live mortgage schemes listed on its sourcing system dropped by 4% during March, down from 4,876 (as of 1st March 2010) to 4,665 on 5th April 2010.

The slight decline, however, is easily overshadowed by the longer term analysis, which still paints a positive picture of the current UK mortgage market. Current figures are showing a healthy 51% uplift in overall product availability compared to this time last year, and a 63% increase compared to six months ago.

Mixed movement was seen during March for the industry’s three main product types – fixed, trackers and variable.

Variable rate products fared the best, increasing for the fourth month in a row (4%), with current figures listing 384 products – up from 369 on 1st March 2010.

The number of fixed rate products fell slightly for the first time in six months (1%), with current figures listing 2,840 of all available products.

Trackers were the worst hit in the past month; down 11% from 1,623 (as of 1st March 2010) to now stand at 1,441.

The 12 month analysis for all three, however, also makes for favourable reading with current figures showing increases of 28% (variable), 33% (fixed) and an impressive 121% for trackers.

Mark Lofthouse, CEO of Mortgage Brain, commented, “The UK mortgage market, like the current economy as a whole, is still fluctuating so it’s no real surprise that we’re seeing these slight dips in product availability.

“It’s important in instances like this, therefore, that close attention is paid to the six and 12 month comparisons, which really help to paint a clearer picture of market movement and the progress that’s been made.”