Intermediary mortgage product numbers stable
Mortgage Brain’s Monthly Product Analysis shows little movement in product availability during February 2011.
Compared to the start of the month, the total number of mortgage products listed on its sourcing system increased by 1.5% during February – an additional 151 products. Current figures now list a total of 9,895 available mortgage products.
Despite witnessing little movement during the past month the 12 month analysis is still showing an encouraging increase in product availability compared to this time last year – up 103% from 4,876.
Fixed rate products continue to dominate the product type, accounting for almost 6,000 of all available products. A 0.6% drop was seen during February – a withdrawal of 34 products – to bring the current total to 5,948.
Variable rate products also witnessed a slight drop (0.4%) during February, with current figures listing 1,106 products – down from 1,110. Trackers, however, which remain the second most popular product type, fared better during February, climbing by 7% to represent 2,841 of all available products.
Mark Lofthouse, CEO of Mortgage Brain, commented, “We’re edging ever closer to the big 10,000 mark but with the last month showing little movement it looks like we’ll have to wait and see what improvements in product availability will be made during March and beyond.
“Long term analysis, however, shows that we’re well ahead and much better placed than we were this time 12 months ago. Steady as she goes for now though!”