87% more products on the market than one year ago
Share
The number of mortgage products on the market has increased by 87% during the past year, shows Mortgage Brain’s monthly product analysis.
The total number of live mortgage schemes listed on its mortgage sourcing system have increased from 7,519 to 14,052, as of December 5 2011.
Ten consecutive monthly increases played a key role in the rapid and substantial rise in product availability throughout 2011. Slight declines were seen in October and November; however, the overall yearly performance for 2011 has been the best in over three years when product availability dropped three times throughout the year in 2010 and five times throughout 2009.
Out of the industry’s three main product types, variable rate products–despite representing the least number of mortgage products–witnessed the best overall performance throughout 2011.
A 3% increase during November signified a third consecutive monthly increase for the product type and has contributed to a massive 120% increase in product availability during the past 12 months. Current figures now list 2,329 products compared to 1,058, which were listed this time last year.
Little movement in the availability of trackers was seen during November 2011; however, a 108% increase in overall availability during the past year also shows positive progress of the long term performance of this product type.
Fixed rate products, which remain the most popular product type, accounting for 8,294 of all available products, rose by 72% since this time last year following the introduction of 3,481 new products since December 2010.
Mark Lofthouse, CEO of Mortgage Brain, says: “What a great way to head into the end of the year. Our longer term analysis clearly illustrates that the UK intermediary mortgage market has shown a real and significant improvement in terms of product choice and availability over the past 12 months.
“There are now over 6,500 new products available, and with strong rises being seen across all of the main product types, intermediaries now have more opportunities to source and advise on a greater variety of products, and importantly, continue to meet the changing needs of their clients and their mortgage requirements.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
