The November Index, which was constructed from data on Trigold’s mortgage sourcing system in October, revealed product numbers have now stabilised over the past quarter.
Although numbers are down by 95% from Oct 2007, direct only products saw a decrease of just three products in October from 1,223 in September to 1,220 in October.
David Aylmer, marketing and business development director at TrigoldCrystal, said: “For the seven out of ten brokers who use Trigold Crystal, there will be some relief that the number of products available via intermediaries are holding firm especially as we have not seen any increase of direct only products.”
Those securing a mortgage deal can expect to pay far less. The average monthly mortgage payment in October was £742.25, which is some 20% less than in the corresponding month last year.
Activity levels for intermediaries performing a mortgage search on behalf of a client fell by 13% to 528,159 for October.
Aylmer added: “This sounds discouraging but is actually on a par with this time last year which suggests that brokers are still working hard to find the right product for their clients.
He concluded: “Although any moves towards a recovery are little more than baby steps, we will continue to work hard to provide a system which supports all intermediaries.”
