This was the first decline in five months, though the mortgage sourcing firm said the change was small compared to August, which saw a record monthly increase of 1,537 new products (25%).
Overall, the number of live mortgage schemes available to intermediaries has increased by 57% over the past six months with more than 2,600 new mortgage products being introduced into the UK intermediary mortgage market since April 2010.
Current figures (as of 4th October 2010), show that the total number of live mortgage schemes listed on its sourcing system stand at 7,320.
Fixed rate products - which continue to represent the vast majority of product availability – witnessed their first decline in five months (7%), with current figures listing 4,667 products, down from 5,020 on 30th August 2010.
Trackers increased slightly for the first time in three months, up 1% from 1,649 (as of 30th August 2010) to now represent 1,668 of all available products.
Variable rate products fared the best during September, however, increasing for the tenth month in a row (4%) with current figures listing 985 products – up from 949 on 30th August 2010.
Current annual figures showed increases of 148% (variable), 151% (trackers) and 159% for fixed rate products.
Mark Lofthouse, chief executive of Mortgage Brain, said: “Despite seeing a slight dip in product availability during September, the longer term analysis clearly shows that the UK mortgage market has shown real and significant improvements in terms of product choice and availability.
“Twelve months ago, for example, was a particularly low point for product availability with 2,868 mortgage schemes listed on our system. Since then 4,452 new products have been introduced to bring the current total to 7,320. That’s a 155% increase since October 2009, which speaks volumes for direction in which the market has been heading.”
