More deals for brokers in August

The number of mortgage products available to intermediaries reached 13,842 in August, a 2% increase compared with July.

This takes the rise in product numbers over the past six months to 40%, according to Mortgage Brain’s monthly product analysis.

Variable rate product numbers dropped slightly, by 1.5% to 1,724 its first fall for three months.

Meanwhile, the number of fixed rate mortgages increased by 3%, or 258 products, to reach 8,273, while trackers went up by 1% to 3,845.

Mark Lofthouse, chief executive officer of Mortgage Brain, says: “Mortgage product numbers have increased for the ninth month in a row which is great news for brokers.

“Some 12 months ago, there were 7,618 products listed on our system and since then 6,224 new products have been introduced to bring the total to 13,842. That’s an 82% increase since August 2010, which speaks volumes for the direction the market is heading in.”