Mortgage Brain’s latest monthly product analysis has resulted in the firm claiming that the number of mortgage products available to intermediaries has reached its highest level in three years.
Over 200 new products were introduced during May 2011, representing a 2% increase in product availability, and bring the total number of live mortgage products listed on its sourcing system to 11,996 (as of 30th May 2011) – its highest level since May 2008.
Trackers saw a 5% increase (133 new products) in availability to now represent 3,057 of all available mortgage products.
A 2% increase (119 new products) during May saw the number of fixed rate products climb for the third month in a row with current figures (as of 30th May 2011) now standing at 7,695.
The total number of variable rate products, however, dropped slightly (0.3%) last month and now represent 1,244 of all available mortgage products – down from 1,248 as of 2nd May 2011.
There are now almost 4,500 more products available to UK mortgage intermediaries than there was this time six months ago, representing a 60% uplift in overall product availability.
Availability of buy-to-let mortgages increased by 184% during the past six months.
The number of products with an LTV of 80% or more has increased by 35% over the past six months to represent 1,393 of all available mortgages.
Mark Lofthouse, CEO of Mortgage Brain, said: “Reaching a three year high in terms of overall product availability is a significant milestone and shows