Mortgage products drop to five-year low
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The index shows that the average number of available mortgage products for October fell to 9,134 from 14,793 the previous month. This represents a fall of 38% and a loss of 5,659 products.
The year-on-year figures also reveal a steep decline in the number of available mortgage products with 32,828 fewer products than a year ago.
The number of time a mortgage was sourced via Trigold in October fell 23% to 547,070 and points to a 19% fall in broker activity since August.
But the data does indicate some good news for borrowers. Average monthly payments are at £916.77 a £71.86 saving from rates seen in August.
David Aylmer, marketing and business development director at Trigold, says: “The drop in broker activity is probably to be expected but will not be welcome news to those who hoped we were seeing some stability in terms of market activity.
“The numbers speak for themselves - it’s a tough market for brokers trying to place cases. We eagerly await the lower rate products expected following the 1.5% base rate cut.”
