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Mortgage products rise 82% in 12 months

  • 06/09/2011
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Mortgage products rise 82% in 12 months
The number of mortgage products available to intermediaries rose by 2% in August, with product numbers up 82% since August 2010, according to Mortgage Brain.

It found that products have increased 40% in the last six months alone, with more than 3,900 mortgage products introduced into the intermediary market since March 2011.

This has pushed the total number of live mortgage products on its system to 13,842 as of 30 August compared to 7,618 a year ago.

Of the three main product types, fixed rate deals remained the most popular product type, rising 3% to reach 8,273, while trackers saw a 1% rise to reach 3,845.

Variable rate products dropped 1.5% to 1,724 of all available products.

Mark Lofthouse, chief executive officer of Mortgage Brain, said: “Mortgage product numbers have increased for the ninth month in a row, which is great news for brokers.

“Twelve months ago, we saw 7,618 products  listed on our system. Since then, 6,224 products have been introduced to bring the total to 13,842.

“That’s an 82% increase since August 2010, which speaks volumes for the direction in which the market has been heading.”

Lindsay Hopkins, director of brokerage Trafalgar Square Overseas, said: “It doesn’t surprise me that the market has seen more products on the shelf, especially with more consumers looking to fix their mortgage, given the economic uncertainty.

“Its great that intermediaries have more access to deals that will benefit their customers, like the 100% LTV guarantee mortgage that Aldermore launched yesterday.

“Hopefully we’ll continue to see more of these type of deals available to brokers over the course of the year.”

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