Mortgage Brain’s Monthly Product Analysis shows very little movement for product availability during August. Compared to the start of August, the total number of live mortgage schemes listed on its market leading sourcing system increased by a mere 0.2% - an additional five products. Current figures (as at 31st August 2009) stand at 2,505.
Fixed rate products remain the most popular, accounting for 1,586 of the total number of live mortgage schemes, followed by Trackers (506) and Variable at 413.
Despite witnessing a stable month during August, the long term comparison still paints a bleak picture. At the end of August 2008, 11,544 mortgage schemes were available in the UK intermediary market, which represents a massive 78% reduction compared to today’s figures.
The year on year figures also reveal a big decline in the number of Trackers and Fixed rate schemes, which have dropped by 88% and 78% respectively. Variable rate schemes have faired a little better, however, witnessing a 15% drop in the past 12 months.
Mark Lofthouse, CEO of Mortgage Brain, comments, “August is typically one of the quietest months for the product changes so it’s perhaps no surprise that little movement in product availability was seen.
“We’re clearly still a long way off where we were this time 12 months ago but the current figures, especially when compared to product activity over the last three months, could be seen as further signs of market stabilisation. Steady as she goes seems to be the theme of the moment though.”
