Over 200 new products were introduced in May, representing a 2% increase in product availability, and bringing the total number of live mortgage products on Mortgage Brain’s sourcing system in May to 11,996 – it’s highest level since May 2008.
Trackers made up the lion’s share of new products during the past month, with a 5% increase (133 new products) in availability to now represent 3,057 of all available mortgage products.
A 2% increase, or 119 new products launched during May saw the number of fixed rate products climb for the third month in a row with 7,695 available products in May.
The total number of variable rate products, however, dropped slightly by 0.3% last month and represent 1,244 of all available mortgage products – down from 1,248 as of 2 May 2011.
Mortgage Brain said that the buy-to-let market continues to represent an active area for lenders and intermediaries with the choice and availability of buy-to-let mortgages increasing by 184% during the past six months.
The firm also found the number of products with a LTV rate of 80% or more 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.”
