Broker deals highest for a year
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The number of mortgage products available to brokers is at its highest level for a year, according to the latest figures from Mortgage Brain.
Broker product availability has risen 47% over the past six months, shows Mortgage Brain’s monthly product analysis.
The number of total mortgage products available has climbed 6% since December 1, going from 3,337 to 3,534.
The number of trackers has increased 38% over the last month, accounting for 1,300 of the total number of products.
But fixed rate deals still remain the dominant product type, growing by 5% to hit 2,151 products.
Variable rate deals rose by 3% to 354 products, making it the first increase in four months.
Mark Lofthouse, chief executive of Mortgage Brain, says: “Mortgage product numbers are at their highest level for 11 months.
“The consistent increase over the past six months is encouraging and could represent a more solid indication of market stability and improvement.”
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Readers' comments (2)
Salil Chaudhari | 7 Jan 2010 12:32 pm
All we need now is to get a substantial increase in completed deals.There may be a trade off between an increase in product supply and a fall in completed deals as a result of stringent financial checks on each mortgage application to establish affordability and a more cautious approach to lending by the banks and building societies.
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Andrew Botte | 7 Jan 2010 4:35 pm
The overall increase in mortgage availability is great news for everyone. However, the industry should be mindful that flexibility in lending criteria and affordability is needed to ensure potential good payers do not slip through the net and into financial difficulty.
In particular those currently on interest only products seeking to re mortgage or those trying to remortgage to a better grade of lender having had previous payment difficulties need and deserve a flexible underwriting approach.
I trust the lending industry will rise to a challenging 2010 - we need a positive start and minimum repossessions.
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