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Mortgage products hit September 2008 level

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  • 06/05/2011
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Mortgage products hit September 2008 level
The number of mortgage products on the market is at its highest since September 2008, having risen 13% in April reported Mortgage Brain.

In its latest monthly product analysis, it found that mortgage product availability had risen for the fifth month in a row to reach 11,748.

This is a rise of 54% compared to the same time six months ago, and a 142% increase compared to the year before.

Mortgage Brain said that fixed rate products saw the biggest increase with 1,026 new products (16%) being introduced during the past month.

Trackers bounced back from their first drop in four months with a 6% increase in product availability (167 new products) during April and variable rate products increased by 12% during the past month.

Mark Lofthouse, chief executive officer of Mortgage Brain, said: “The data from this month’s analysis is particularly encouraging and continues to show positive movement for the UK intermediary mortgage market.

“There are nearly 7,000 more products available now than this time last year, which really does open up the playing field for brokers in sourcing a greater variety of mortgage products to help better meet their client’s needs.”

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