This is according to figures released today by Mortgage Brain’s Monthly Product Analysis.
Following a 14% drop in May, the total number of live mortgage schemes listed on Mortgage Brain’s sourcing system dropped by a further 16% in the past month. Current figures (as of 29 June 2009) list a total of 2,413 live mortgage schemes, down from 2,867 on 1st June.
The significant fall in numbers can clearly be attributed to the reduction in the amount of fixed rate products during June, which fell by 23% - down from 1,905 to 1,477.
The year on year figures also reveal a major decline in the number of fixed rate schemes, which have dropped by a massive 82%, down from 10,778 in June 2008.
Despite seeing an increase in May, the latest figures show that the number of Trackers also fell during June (9%). Variable rate mortgages, however, took a positive turn last month, seeing a 9% increase in product availability.
Variable rate products still represent the lowest available product type, though, with current figures listing a total of 371 schemes available to mortgage intermediaries.
Mark Lofthouse, CEO of Mortgage Brain, commented, “These latest figures clearly show that the UK mortgage market is still fluctuating and the roller coaster ride looks set to continue.
“As can be seen, the current trend is the withdrawal of fixed rate products which could be seen as an early indication of market adjustment.”
