Mortgage product numbers up marginally in August

The number of mortgage products available to intermediaries increased by 2% in August, taking the rise in product numbers over the past six months up to 40%.

Mortgage Brain’s Monthly Product Analysis shows there were 13,842 live mortgage products as of August 30.

The number of variable rate products dropped slightly, by 1.5%, to 1,724, its first fall for three months.

Meanwhile the number of fixed rate products increased by 3%, or 258 products, to reach 8,273, and the number of trackers rose by 1% to 3,845.

Mark Lofthouse, chief executive officer at Mortgage Brain, says: “Mortgage product numbers have increased for the ninth month in a row now, which is great news for brokers.

“Twelve months ago, there were 7,618 products listed on our system and since then 6,224 new products have been introduced to bring the current total to 13,842. That’s an 82% increase since August 2010, which speaks volumes for the direction in which the market has been heading.”