Broker products dip in March

The number of mortgage products available to brokers has fallen for the first time in nine months, according to data from Mortgage Brain.

The total number of live brokers products listed on Mortgage Brain’s sourcing system dropped by 4% in March from 4,876 to 4,665 as at April 5.

But the figures show that the number of broker deals available has actually gone up over the longer term, with product availability up 51% compared to this time last year and up 63% on six months ago.

The number of variable deals has been increasing for the last four months with some 384 variable products currently available, up from 369 on March 1.

Fixed rate deals dropped slightly for the first time in six months with 2,840 products, while trackers fell 11% in March to 1,441.

On an annual basis trackers are up 121%, fixed rate deals up 33% and 28% more variable deals.

Mark Lofthouse, CEO of Mortgage Brain, says: “The UK mortgage market, like the current economy as a whole, is still fluctuating so it’s no real surprise that we’re seeing these slight dips in product availability.

“It’s important in instances like this, therefore, that close attention is paid to the six and 12 month comparisons, which really help to paint a clearer picture of market movement and the progress that’s been made.”