Over 3,900 mortgage products have been introduced into the UK intermediary mortgage market since March 2011, indicating a 40% uplift in product availability.
A 2% increase in product numbers during August has taken the total number of live mortgage products listed on Mortgage Brain’s sourcing system to a new high of 13,842 as of 30 August 2011.
Mixed movement was seen during the past month for the industry’s three main product types with variable rate products dropping 1.5% for the first time in three months. They now represent 1,724 of all available products.
Fixed rate products remained the most popular product type accounting for 60% of all available products with 8,273 products being listed on Mortgage Brain’s sourcing system.
Mark Lofthouse, chief executive officer of Mortgage Brain, said: “Mortgage product numbers have increased for the ninth month in a row now, which is great news for brokers and the longer term analysis illustrates the UK intermediary mortgage market continues to show real and significant improvements in terms of product choice and availability.
“Twelve months ago, for example, saw 7,618 products being listed on our system. Since then 6,224 new products have been introduced to bring the current total to 13,842.
“That’s an 82% increase since August 2010, which speaks volumes for the direction in which the market has been heading.”
