Mortgage Product Highlights:
• The average number of live products available to Mortgage Intermediaries fell from 4,357 in December to 3,707 – a loss of 650 individual products and a drop of 15%.
• The average figure is derived from a month (January) in which there was relatively little activity as product numbers reached a high of 4,245 and fell to a low of 3,259.
• Year on year analysis shows that live mortgage product availability dropped from 39,916 in January 2009 to just 3,707 in January 2009. This equates to a reduction of 36,209 individual products.
Mortgage Sourcing Highlights:
• 744,825 mortgage sources were performed in January which is an increase in intermediary activity of 54% when compared with December, an increase in broker activity in real terms of 261,133 individual mortgage searches.
• This is just 48,798 fewer searches than January 2008, indicating that broker activity is returning to former levels.
David Aylmer, marketing and business development director at Trigold commented on the results saying: “Although product numbers are at an all time low we have seen the average interest rates payable have fallen across the board, making products are more attractive. What we can take from this data is that the lower rates being released by lenders seem to be stimulating market activity and with today’s interest rate cut long may it continue!”
The Trigold Product Index is the definitive guide to Mortgage Product Data in the UK intermediary mortgage market with the Trigold sourcing system displaying more products from more providers than any other system. Trigold is the preferred sourcing system for 7 out of 10 mortgage brokers using their sourcing, application and compliance system.
