Product availability soars in 2011
Product availability increased for 10 consecutive months throughout 2011 however slight declines were seen in October and November.
Over 6,500 products were introduced in the past 12 months taking the total number of live mortgage schemes listed on the market from 7,519 to 14,052.
As of 5 December 2011, there were 2,329 variable rate products available, up from 1,058 in 2010. Fixed rate products remained the most popular product type accounting for 8,294 of all available products – a massive 72% increase since December 2010.
Mark Lofthouse, chief executive officer of Mortgage Brain, said: “What a great way to head into the end of the year.
“Our longer-term analysis clearly illustrates that the UK intermediary mortgage market has shown a real and significant improvement in terms of product choice and availability over the past 12 months.
“With strong rises being seen across all of the main product types, intermediaries now have more opportunities to source and advise on a greater variety of products, and importantly, continue to meet the changing needs of their clients and their mortgage requirements.”