The number of mortgage products available to UK mortgage advisers has risen by 86% over the past two years, according to new research from Mortgage Brain.
A total of 7,481 mainstream lender products, which excludes direct and exclusives, are now listed on Mortgage Brain’s latest sourcing systems, up from 4,031 in September 2014 and up 49% from 5,019 this time last year.
The buy-to-let market has seen the biggest increase in product availability with 637 new products coming on stream over the past 12 months. The total number of buy-to-let products now stands at 1,853, representing a 52% increase since September 2015.
High LTV products have also seen a healthy rise over the past year with Mortgage Brain’s latest research showing a 47% increase over the past 12 months for mortgages with a loan to value ratio of up to 90%.
A total of 296 90% LTV products are now available to advisers, up from 201 in September 2015.
Mortgages with an LTV of up to 80% have seen a similar increase with 510 new products coming to market over the past year. A total of 1,641 products are now available representing a 45% increase from the 1,131 that were available in September last year.
Mark Lofthouse, CEO of Mortgage Brain, said: “The increase in competition, more buy-to-let lenders returning to the market and an influx of higher LTV products, has clearly had a big impact on the growth of product numbers and availability.
“There are over 3,400 more products available now compared to two years ago and this growth in product numbers means that matching a client’s needs to the best products available is more important than ever.”