Number of broker products at two-year high

The number of live mortgage schemes available to intermediaries has climbed to its highest level in two years, according to figures released from Mortgage Brain’s Monthly Product Analysis.

A 5% increase in product availability during October has seen the total number of live mortgage schemes listed on its mortgage sourcing system rise to an all new high of 7,654 .

This latest increase brings the number of live mortgage schemes available to UK intermediaries to its highest since October 2008, when figures stood at 8,106.

The analysis shows that the past 12 months has been responsible for the bulk of the improvements during this period with 4,432 new products being introduced in the last year alone, representing an impressive 138% increase.

Variable rate products continue with their positive form, rising for the eleventh month in a row with current figures listing 1,112 products – up from 985 on October 4 2010.

Following their first decline in five months during September, fixed rate products are back on the rise witnessing a 7% increase in the past month, with current figures listing 4,984 of all available products.  

Trackers, however, continue to fluctuate and took a turn in the opposite direction and dropped by 7% during October with current figures listing 1,558, down from 1,668 on 4th October 2010.

Mark Lofthouse, CEO of Mortgage Brain, says: “The data from this month’s analysis is very encouraging and is a further indication of the positive direction in which the market seems to be heading.

“Overall product availability is at its highest level in over 24 months; Fixed rate products are back on the rise again, and if variable rate products continue their current form they could soon bear witness to 12 consecutive monthly increases, which would be a fantastic achievement.”