Mortgage product numbers soar

Nearly 1,000 new mortgage products were launched in January according to Mortgage Brain, representing the biggest monthly increase in product numbers for over a year.

Mortgage Brain
Mark Lofthouse

The total number of live mortgage products listed on Mortgage Brain rose by 26% during January going from 3,534 on January 4 to 4,457 as at February 1.

This is the seventh month in a row that product availability has increased, with products numbers up 78% on the levels seen six months ago.

The number of tracker deals jumped a massive 40% in the last month, from 1,029 at the beginning of January to 1,434 currently.

But fixed-rate deals remain the dominant mortgage product, with the number of fixed rate deals available rising 24% to 2,664.

Variable rate products saw a slight rise to 359 products up from 354.

Mark Lofthouse, chief executive officer of Mortgage Brain, says: “We’re seeing a fantastic start to the New Year with mortgage product availability on the increase across the board.

“We’ve just witnessed the biggest monthly increase in 12 months which is a great achievement, and we’re continuing to see a healthy introduction of new trackers, fixed and variable rate products.”