Mortgage schemes up across the board

The total number of live mortgage schemes listed on the sourcing system increased by 26% in the January, up from 3,534 on 4th January 2010 to 4,457 (as of 1st February 2010).

The continued increase in product availability – seven consecutive months – has also shaped a positive outlook on the longer term comparisons where the current figures now represent a 78% increase in product availability compared to six months ago. A healthy 28% increase is also seen when comparing figures to this time 12 months ago.

A hat trick of increases was also seen during January for the industry’s three main product types – Fixed, Tracker and variable. Trackers continued their rise in numbers, climbing sharply last month with a 40% increase – up from 1,029 on 4th January 2010 to now stand at 1,434. Fixed rate products still hold the high ground, however, with current figures listing 2,664 of all available products following a 24% increase in January. Variable rate products climbed for the second month in a row (up 1%), with current figures listing 359 products – up from 354 on 4th January 2010.

Mark Lofthouse, CEO of Mortgage Brain, commented, “We’re seeing a fantastic start to the New Year with mortgage product availability on the increase across the board. We’ve just witnessed the biggest monthly increase in 12 months, which is a fantastic achievement, and we’re continuing to see a healthy introduction of new trackers, fixed and variable rate products.”