Intermediary products fell by 11% and direct only products dropped by 5%. This is the first time in 7 years that mortgage product availability has dropped below 2,000.
David Aylmer, marketing and business development director at TrigoldCrystal commented: “For the seven out of ten brokers who use TrigoldCrystal this month’s index will not make very pleasant reading, but the facts are the facts. Broker activity levels reflect seasonal trends, but the holiday season can’t really be blamed for product availability, which has taken something of a tumble in August. The average number of live products available to Mortgage Intermediaries fell from 2,202 in July to 1,979 in August; a reduction of 223 individual products and a drop of 11%. Additionally, it’s not just intermediary products that are being withdrawn as the average number of live Direct Only products available in the month of August fell by 5% to 1,179.
“However, although activity is down, brokers are still working hard to find the right deal for their clients with almost four mortgage searches being performed every second by brokers using the TrigoldCrystal sourcing system. With some renewed activity in the housing market there is obviously still a strong requirement for professional, impartial advice. There is some good news for those borrowers taking out a new mortgage as data shows that they can expect to pay an average of just £750.58 a month which is £15 less than a month ago.”
