Brokers are taking the mantle from the direct channel, as the number of available direct-only products dropped from 4,658 in July to 4,581 in August; meaning brokers now have a 71% share of the market.
The total number of products through all channels increased by 10% to 15,838 from July – a post-recession high.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “No single lender can hope to rival the choice available via a whole-of-market adviser.
“Rather than being overwhelmed by options, customers are increasingly leaning on brokers to do the legwork for them. Taking this step avoids the risk of consumers picking what looks like the most attractive headline rate, going direct to that lender and missing out on a wider choice of products that may be better suited to their needs.
“Fierce competition in the market is contributing to record low rates and a large volume of product launches. A base rate rise is still hovering in the background, but the second half of the year often sees lenders pricing with year-end targets in mind and looking to attract new business.”
In the year to August 2015 typical 2-year fixes have fallen by 3.71% to 2.68%, while 5-year prices have dropped from 4.21% to 3.24%.
