The number of mortgage products available has leapt by more than 1,000 since last May, figures from TrigoldCrystal reveal.
The number of products has increased from 3,606 to 4,989 – over 2,000 more than at the lowest point of the market in August 2009.
The sourcing system says that although this is great news for brokers the greatest increase in the past year has been in direct deals.
Lenders have introduced nearly twice as many direct products as broker ones.
David Aylmer, business develop-ment and marketing director at TrigoldCrystal, says: “Although we welcome the increase in choice the fact that the direct market rose by 845 products in the past year and we only saw an increase of 489 in the broker channel is a concern.”
Research last week from Money-facts.co.uk shows the average shelf life of a mortgage deal now stands at 30 working days, the longest since August 2007.
And the average shelf life of a new mortgage product has nearly doubled in just one month, from 17 days in March to 30 days in April.
Meanwhile, some 26% fewer rate changes occurred over the period.