Number of mortgages at highest level in three years
The number of mortgage products available to UK mortgage intermediaries is at its highest level since 28 April 2008, figures from Mortgage Brain’s Monthly Product Analysis show.
Mortgage products numbers have increased for the seventh month in a row, rising by 4% in June.
As of 4 July 2011, Mortgage Brain’s mortgage sourcing system listed 12,525 mortgage products – up from 11,996 on 30 May 2011.
Positive movement was seen across the board for all main product types with variable rate loans seeing the biggest rise in product numbers at 21% to now represent 1,500 of all available mortgages.
A 6% increase (180 new products) during June saw the number of trackers climb for the third month in a row to 3,237.
Fixed rate products rose for the fourth consecutive month – by 1% – to their highest level since August 2008 and now represent 7,788 of all available mortgage products.
Over 4,000 new fixed rate products have been introduced to the UK intermediary mortgage market over the past 12 months further cementing them as the market’s most popular and dominant product type.
Mark Lofthouse, CEO of Mortgage Brain, commented: “Further encouraging data has been extracted from this month’s product analysis, which is great news for brokers and the mortgage market as a whole.
“Around 4,500 new products have become available during the past seven months alone and healthy increases across the board has seen the number of fixed, variable and trackers climb to their highest level since the summer of 2008.”
Source: Mortgage Finance Gazette