The latest monthly analysis from Mortgage Brain has revealed an impressive 87 per cent increase in the number of mortgage products on the UK market in the past 12 months.
The analysis report found that the overall number of operational mortgage deals on offer throughout Britain had increased from 7,519 to 14,052 as of 5 December this year. The rise took place amid ten consecutive monthly increases in 2011, although there was a slight fall in the number of mortgage products in October and November. Despite this, the performance of the UK mortgage market has been the best for more than three years, Mortgage Brain boss Mark Lofthouse said, noting that variable rate mortgages have been the best performers in the past year, although they represent the smallest number of mortgage products.
They enjoyed a 3 per cent increase in availability last month – the third consecutive increase in a row – and there has been a huge 120 per cent increase in availability over the year in total. There are now 2,329 variable rate mortgage products around now, compared to 1,058 in December 2010.
Mr Lofthouse commented: “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.”
“There are now over 6,500 new products available, and 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.”