Number of mortgage products available up 37.5% in a year

The number of mortgage products available has increased 37.5 per cent in the past year, according to Mortgage Advice Bureau.

Using data from Moneyfacts.co.uk, MAB says there were 12,032 products available in November compared to 8,748 a year earlier. This is the first time since MAB began tracking the figures, in April 2009, that the 12,000 mark has been breached.

In November, brokers had access to 74 per cent of the 12,032 products on offer, compared with 71 per cent of the products on offer last November.

An additional 380 mortgage products were launched between October and November.

Rates have fallen across the board since January, the biggest cuts being seen in the two-year tracker market where rates have fallen 0.86 per cent to an average of 2.89 per cent since the start of the year.

Two-, three- and five-year fixed rates have fallen 0.71 per cent, 0.59 per cent and 0.41 per cent to 3.55 per cent, 3.88 per cent and 3.86 per cent, respectively, since January.

MAB head of lending Brian Murphy says: “More products keep arriving on the market, and anyone looking to buy a home or remortgage has the added bonus of attractive rates to choose from despite speculation about how long the discount season will last.

“The variety of options – both with and without the benefit of government support – may be confusing to first time buyers and anyone with limited experience of getting a mortgage. For this reason, brokers have a vital role to play by looking beyond the headline rates and finding the best deal for each customer’s circumstances.”