This is according to figures released today from Mortgage Brain’s Monthly Product Analysis.
The figures show that over 1,600 products were introduced during January 2011, indicating a 21% increase in product availability to bring the total number of live mortgage schemes listed on its market leading sourcing system to 9,744 (as of 31 January 2011).
The long term analysis from the latest figures now shows that there are 5,287 more products available to mortgage intermediaries than there was this time 12 months ago.
Trackers lay claim to the largest growth of new products introduced last month. A 45% increase (820 new products) during January brings the total number of trackers to 2,652 – up from 1,832 on 3 January 2011.
Fixed rate products rose by 17% in January and continue to represent the vast majority of product availability with current figures listing 5,982 of all available products.
Little movement during January 2011 was seen for variable rate products, however, which saw 11 products being withdrawn from the market (a 1% decline) with current figures now representing 1,110 of all available products.
Mark Lofthouse, CEO of Mortgage Brain, commented, “Overall the data from our latest analysis is very encouraging and creates a further positive view of the UK mortgage market as we move into 2011.
“Total mortgage schemes are at their highest level since September 2008 and could soon break the 10,000 mark. The number of trackers and fixed rate products increased significantly during the past month and the overall picture shows that we’re leaps and bounds ahead of where we were this time 12 months ago.”