1% increase in broker products in July

The number of mortgage products available to intermediaries has increased by just 1% in July, says data from Mortgage Brain’s Monthly Product Analysis.

The total number of live mortgage schemes listed on its mortgage sourcing system increased by 1% – an additional 72 products, amounting to a total of 6,081.

Fixed rate products increased for the fourth month in a row – up 2% in July to now represent 3,841 of all available products.

Variable rate products also continued their favourable form with current figures listing 512 products – up 5% from 488 at the end of July.

Trackers dropped by 2% for the second month in a row but still remain the second most popular type representing 1,728 of all available products.

Mark Lofthouse, chief executive officer of Mortgage Brain, says: “July and August are typically considered the quietest months for product changes so it’s no real surprise that little movement in product availability was seen.

“What’s important, however, is that what little movement there was, on the whole it’s once again been positive movement.”

The 12 month analysis shows overall product availability has increased by 143%, with 3,581 new products.

Variable rate products increased by 30%, 118 products, with data for fixed rate products increasing by 142% to 2,251.

Trackers, however, lead the field in best performance over the past 12 months with current figures showing a 235% increase in product availability.