For the first time in 11 months the total number of live mortgage schemes listed on its market leading mortgage sourcing system dropped slightly (down 1%) during October.
Current figures, as of 31st October 2011, now list 14,203 products compared to 14,361, which were listed at the start of the month.
The slight decline (a withdrawal of 158 products), however, is easily overshadowed by the longer term analysis, which continues to paint a positive picture of the current UK mortgage market.
The latest data, which represents a 42 month high, shows an impressive 86% uplift in overall product availability compared to this time last year, and a 21% increase compared to six months ago.
Mixed movement was seen during the past month for the industry’s three main product types with Trackers dropping for the second month in a row - down 5% from 3,613 on 3rd October 2011, to 3,431 as of 31st October.
A withdrawal of seven Fixed rate products (a drop of 0.1%) during October has done little to affect the product’s dominant position as the most popular product type, representing 8,517 of all available mortgage products.
Variable rate products performed the best during October, increasing for the second month in a row – up 1% from 2,224 on 3rd October - and now account for 2,255 of all available products.
First time buyers and those with a lower deposit can also take encouragement from an influx of new products with a higher LTV ratio coming onto the market in recent months.
The latest analysis shows that products with an 80% or less LTV have increased by 31% over the past six months and now represent 1,807 of all available products – up from 1,379 in May 2011.
Mark Lofthouse, CEO of Mortgage Brain, said: “Our latest data shows again that the UK mortgage market continues to fluctuate, however, there are still plenty of reasons for a positive outlook.
“The withdrawal of 158 products during the past month barely detracts the past year’s performance where mortgage products increased for 10 months in a row and remain at their highest point in 42 months.
"Overall product availability is up 86% compared to this time twelve months ago and the increase in the higher LTV banded products gives further encoragement to those looking to take their first step on the product ladder.”
