Mortgage products up 123% year-on-year
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The number of mortgage products available to UK mortgage intermediaries has broken the 10,000 mark, representing a 123% increase compared to this time last year.
Over 500 new products were introduced during March 2011, representing a 5% increase in product availability and bringing the total number of live mortgage schemes listed on Mortgage Brain to 10,418, as of April 4 2011.
The latest figures now show a 123% increase in product availability compared to this time 12 months ago when brokers had access to fewer than 5,000 products - 4,665.
Fixed rate products witnessed the biggest movement in availability during March, climbing 10%, with 602 new products and now represent 6,550 of all available products – up from 5,948 on March 7 2011.
Variable rate products saw little movement during the past month, with a slight increase of 0.5%, five new products taking the total number of variable rate products to 1,111. The 12 month analysis for this product type, however, shows the best long-term performance with a massive 189% increase in product availability compared to the start of April 2010.
Trackers, which still remain the second most popular product type, dropped for the first time in four months during March – down 3% from 2,841 on March 7 2011 to now stand at 2,757.
Mark Lofthouse, CEO of Mortgage Brain, says: “It’s been a long time coming but we’ve finally broken the 10,000 mark for product availability in the UK intermediary market, which is great news for brokers.
“Additionally, the number of products with higher LTV ratios is also increasing, which again is good news for brokers and their customers.
“Overall product availability is now at its highest level since September 2008, and to look back over the past 12 months and see a 123% increase is a real delight and shows a clear picture of market movement and the progress that continues to be made.”
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Readers' comments (4)
Bobby | 6 Apr 2011 10:04 am
It doesn't matter how many products there are if they won't lend any money on them. There may as well be 100 000 products. What matter is how many mortgages are being granted and that is still derisory after years and getting worse at around half of what is needed in a normal functioning mortgage marketplace.Less than £ 8 b gross lending last month says it all. Stop being obsesses with the number of products available.
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AA | 6 Apr 2011 10:51 am
All positive signs. Would like to see 95% lending for first time buyers though. Hopefully soon.
The buy to let and remortgage market will see increase in lending this year hence increased competition.
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Luke Atkinson | 6 Apr 2011 11:33 am
As per Bobby's comments.
Mortgage Products up 123% year on year.
Completions down 260% year on year.
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Anonymous | 6 Apr 2011 1:02 pm
Would it not be better if the BOE created one bank where all customers can go to borrow and deposit money. Offer 1 Mortgage product and 1 Deposit rate approved and stress tested by the BOE,
Therefore making everything easy for clients to understand, stamp out competition.
Therefore no need for brokers, FSA or the FSCS.
No need for qualifications, CAB or Money advice.
Cutting costs significantly. Might increase the unemployment queue, but that does not worry anyone these days.
You could even thing about doing the same for Investments. 1 product 1 percentage return
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