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Number of mortgage products reaches three-year high

The number of mortgage products available to intermediaries has reached its highest level in three years, Mortgage Brain’s Monthly Product Analysis shows.

Over 200 new products were introduced in May 2011, an increase of 2%, which brought the total number of live mortgage products to 11,996, its highest level since May 2008.

There was a 5% increase in tracker deals during the month up to 3,057 products, while fixed rate deals increased by 2% to 7,695.

Meanwhile, the total number of variable rate products dropped by 0.3% to reach 1,244 products.

The report shows there are now almost 4,500 more products available to mortgage intermediaries than there were six months ago, representing a 60% rise in overall product availability.

Furthermore, there has been a rise of 184% in the availability of buy-to-let products in the last six months, and an increase of 35% in mortgages deals with an LTV ratio of 80% or more.

Mark Lofthouse, chief executive officer at Mortgage Brain, says: “Reaching a three-year high in terms of overall product availability is a significant milestone and shows, once again, that the UK mortgage market is continuing to move in the right direction for the benefit of intermediaries and borrowers.”

He adds that strong increases in availability have been seen across the board over the past six months, meaning intermediaries have opportunities to source and advise on a greater variety of products.

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  • Daniel 6th June 2011 at 2:40 pm

    Good to see, yet again, ‘bobby’ isn’t engaging in amateur dramatics.

  • bobby 6th June 2011 at 11:26 am

    For the 1000th time. The amount of mortgage products has no bearing at all on the mortgage market. It does not matter if there are a million products on the market, what matters is IF they lenders are actually lending on those products and all the evidence is that they are not. April was the worst figures for new mortgages being offered since records began over 20 years ago. Its just window dressing and people and so called experts trying to onvince themselves and everyone else things are improving. Clearly THEY ARE NOT no matter what spin they put on it. The mortgage market is in a worse state this year than it has ever been and is worse than 2008-2010 which says something. April awful figures was down to bank holidays, earlier in the year it was snow, no doubt June’s figures wil be blamed on e coli in