Despite two steady increases in product availability in the past two months, the total number if live mortgage schemes listed on Mortgage Brain’s sourcing system has dropped by 14%. Current figures (as of 1st June 2009) list a total of 2,896 live mortgage schemes, down from 3,322 on 5th May 2009.
Although the drop in figures could be seen by many as a disappointment, the current figures are actually higher than they were three months ago when the first potential signs of positive market movement were seen.
Fixed rate mortgages witnessed the biggest fall during May (21%), down from 2,405 to 1,905, followed someway behind by Variable rate mortgages at 4%. Trackers, however, took a positive turn during May, seeing an 11% increase in product availability.
Mark Lofthouse, CEO of Mortgage Brain, comments, “It would have been great to have been able to report an increase in product availability for the third consecutive month. However, as these figures show, we’re still in the thick of a fluctuating and volatile market where trading conditions for mortgage intermediaries remain uncertain.
“Its not all doom and gloom, however, there are positives to be taken from these figures. Product availability for Fixed, Variable and Tracker mortgages have held steady when compared to three months ago, which in the current climate is a visible representation of market stabilisation.”
