The total number of live mortgage schemes listed on its market leading sourcing system shows an increase of 4% when compared to the same time last month. Despite it being a relatively small increase, it does follow two months of significant drops in product numbers and could be seen as another sign of product and market stability.
Actual numbers are still close to the all time low, however, with current figures (as of 3rd August 2009) listing a total of 2,500 live mortgage schemes. The small rise, therefore, will be welcomed.
Fixed rate products saw the biggest increase in the past month (8%), followed by variable rate products at 6%. Trackers, however, continue their decline having seen a second drop of 9% in as many months.
Analysis of the data by LTV banding reveals further insight into product availability and market movement during the past month. The number of mainstream lender products with a LTV of 80% or more, for example, has increased to 15.1%, up from 13.7% a month ago.
Mark Lofthouse, CEO of Mortgage Brain, commented, “It’s encouraging to see the number of products available to the intermediary channel stabalising, especially having seen them drop for two consecutive months. The recovery in the number of fixed rate products and the increase in the amount of higher banded LTV products is particularly encouraging and may be seen as an early indicator that confidence in the market is returning.”
