Mortgage product availability up by 86% in two years

An new report has shown that during the last two years, there has been a 86% increase in the number of products available to British mortgage advisers.

The survey from Mortgage Brain indicates that a total of 7,481 mainstream lender products are listed on their sourcing systems. This is a rise of 4,031 in September 2014 and up by 49% on the 5,019 recorded at the same time in 2015.

Rises

Buy-to-let mortgage products have seen the greatest rises in availability, with 637 new products emerging in the last year. This total is now 1,853, showing a 52% rise since September 2015.

High loan-to-value products also saw a substantial rise during the last year. Data from the report indicates that there has been a 47% increase in the last twelve months for mortgages up to 90%.

A total of 296 90% LTV products are now on the market for advisors, up from 201 recorded in September 2015.

Mortgages with an LTV of up to 80% also saw a significant increase, with 510 new products coming onto the market in the last year. In all, there are 1,641 products available, showing a 45% increase from the 1,131 available last September.

Mortgage product availability up by 86% in two years

Competition

Mark Lofthouse, CEO of Mortgage Brain, noted: ‘the increase in competition, more buy-to-let lenders returning to the market and an influx of higher LTV products, has clearly had a big impact on the growth of product numbers and availability.’[1]

‘There are over 3,400 more products available now compared to two years ago and this growth in product numbers means that matching a client’s needs to the best products available is more important than ever. The latest Mortgage Brain sourcing systems have over 200 product criteria, which is invaluable to brokers in helping them to best match the needs of their clients to the products available,’ he added.[2]

[1] http://www.propertyreporter.co.uk/finance/number-of-mortgage-products-leaps-86-in-two-years.html