Mortgage Products Availability Breaks 6,000 in Q2
The availability of mortgage products for sale through intermediaries has been rising progressively for the last three months and has now reached 6,009.
The figures were from Mortgage Brain, a system used by advisors that lists all current mortgage arrangements at any given moment.
The strongest growth was seen in the number of variable rate mortgages available, which have been going up for seven months in a row. There are now 488 of this type of mortgage available. Furthermore, the number has risen by 15 per cent since the end of May this year.
The most numerous mortgage types, however, are fixed-rate products, which have risen by 4 per cent from the number available at the end of May 2010, with 3,764 now available on the market.
Tracker products now represent 1,757 of all available mortgages, with over a thousand such products having been brought in over the past year. This is an increase of 210 per cent in their availability during that period, although numbers did dip slightly, by 0.6 per cent, during June.
CEO of Mortgage Brain, Mark Lofthouse, said: "This time last year the overall number of products available to intermediaries hit an all time low of 2,413 so to see them increase by nearly 150 per cent to now break the 6,000 mark is a great indication of the progress that has been made in the UK mortgage market over the past 12 months. Despite the slight drop in trackers last month, product availability is once again up across all areas, which is particularly encouraging."
Mortgages news posted by Garry on 08 July 2010
