Mortgage Schemes Climb To A New High

The number of mortgage schemes available to intermediaries has climbed to its highest level in over 18 months, according to figures released today from Mortgage Brain’s Monthly Product Analysis.

The total number of live mortgage schemes listed on its market leading mortgage sourcing system increased by 22% in the past month. Current figures (as of 31st May 2010) list 5,805, products (up from 4,753 on 5th May 2010) and bring the number of live mortgage schemes available to its highest level since November 2008, when figures stood at 6,899.

The year on year comparison continues to paint a positive picture of the current mortgage market with the latest figures representing a 103% increase in overall product availability compared to this time 12 months ago.

A hat trick of increases was also seen during May for the industry’s three main product types – Fixed, Tracker and Variable.

Fixed rate products and Trackers witnessed the biggest movements during the past month with Fixed rate products now representing 3,612 of all available products, up 24% from 2,292 as of 5th May 2010.

Trackers also climbed 24% during May with current figures listing 1,767, up from 1,423. Variable rate products rose for the sixth month in a row (4%) and now represent 426 of all available products – up from 409 as of 5th May 2010.

Mark Lofthouse, CEO of Mortgage Brain, comments, “The data from this month’s analysis is very encouraging. Overall product availability is at its highest since November 2008, variable rate products continue their steady increase and we’re starting to see a healthy introduction of new Trackers and Fixed rate products again.

“What is particularly encouraging, however, is the 12 month analysis, which shows that there are now almost 3,000 more products available to intermediaries than there was this time last year.”

Notes to editors:
For media enquiries, please contact: Damion Clark, Real Public Relations 01223 492130