The Monthly Product Analysis showed the influx of over 200 products represents a 2% increase in product availability bringing the total number of live mortgage products listed on Mortgage Brain to 11,966 as of 30th May 2011, its highest level since May 2008.
Trackers claim the largest proportion of new products entering during the past month witnessing a 5% increase of 133 new products to now represent 3,057 of all available mortgage products.
Fixed rate products saw a 2% increase of 119 new products during May to represent 7,695 of all available mortgage products.
The total number of variable rate products in contrast dropped by 0.3% a reduction of 4 products and now represents 1,244 of all available mortgage products.
Mortgage Brain said, the buy-to-let market continues to represent an active area for lenders and intermediaries with the choice and availability of BTL mortgages increasing by 184% during the past six months.
The Monthly Product Analysis showed the number of products with an LTV rate of 80% or more has increased by 35% over the past six months to represent 1,393 of all available mortgages.
Mark Lofthouse, CEO of Mortgage Brain, said: “Reaching a three-year high in terms of overall product availability is a significant milestone and shows once again that the UK mortgage market is continuing to move in the right direction for the benefit of intermediaries and borrowers.
“With strong rises particularly over the past six months being seen across the board, it seems that most sectors are being catered for by product providers which gives intermediaries more opportunities to source and advise on a greater variety of products and in turn, continue to meet the changing needs of their clients and their mortgage requirements.”
Just last week analysts at Morgan Stanley said the availability of mortgage products was exaggerated by lenders creating a wide range of products from relatively small changes in conditions on those loans.
