An additional 72 products were added to the system throughout July, an increase of 1%. Current figures now stand at 6,081.
The number of fixed rate products increased for the fourth month in a row, up 2% in July to 3,841 products. Variable rate products rose 5% to 512 products while the number of trackers dropped slightly for the second month in a row (2%) but still remain the second most popular type representing 1,728 of all available products.
Annual analysis shows that product availability has increased by 143% (3,581 new products) over the past year with variable rate products increasing 30% (118 products) and fixed rate products showing a 142% increase (2,251).
Trackers have been the most popular type of mortgage with lenders increasing the number of trackers on offer by 235% over the past year.
Mark Lofthouse, chief executive of Mortgage Brain, said: “July and August are typically considered the quietest months for product changes so it’s no real surprise that little movement in product availability was seen. What’s important, however, is that what little movement there was, on the whole it’s once again been positive movement.”
