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Available mortgage schemes drop 85% year-on-year

The number of live mortgage schemes on Mortgage Brain dropped by almost 20% in February, a fall of over 85% compared to last year, the sourcing system’s monthly product number and analysis data.

The total number of live mortgage schemes listed on its sourcing system on March 2 stood at 2,731, down 19% from 3,496 on February 2 2009.

For the first time in three months fixed rate mortgage schemes witnessed the biggest fall (20%), followed closely by variable rate mortgages (18%) and trackers at 15%.

Trackers, however, have had the biggest fall in the past 12 months, seeing a drop of 89%, with fixed rate mortgages following second with a drop of 85% and variable rate mortgage products at 65%.

Mark Lofthouse, chief executive officer of Mortgage Brain, says, “Our monthly product number and Analysis Data is producing some interesting data and product trends, which is helping to paint a very clear picture of the current UK mortgage market.

“As can be seen, we are clearly still in the thick of difficult market conditions with intermediaries having to work harder than ever to find suitable products for their clients. We obviously don’t know what will happen next month but we hope to be able to release some positive and encouraging figures in the near future.”

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