Trigold’s latest product index shows that the number of times mortgage sourcing is performed – an indicator of broker activity – 658,590 fewer searches were performed that in February 2008.
The average number of live available products fell to 2,983 in February from 3,707 the previous month.
This equates to a loss of 724 individual products and a drop of 19.53% over the month.
Live mortgage product availability as at February 2008 was at 31,825, a loss of 28,842 products across the year.
Average mortgage payments are £120 cheaper than in February last year representing a year-on-year saving of almost £1,500.
David Aylmer, marketing and business development director at Trigold, says: “Although product numbers continue to fall and broker activity has witnessed a remarkable 50% drop since last year the cost of mortgages is falling which is good news for consumers.
“Although the latest interest rate cut is unlikely to translate directly into product pricing it does still mean that there are some affordable deals available for those with a significant deposit.
“The availability of mortgage funds is still a widespread concern for the industry but product affordability is a message that brokers should be talking about to their existing and prospective clients.”