The number of mortgage products available on the UK market has risen by 9.3% over the last 12 months to a new record high, according to new data from Mortgage Brain.
The mortgage technology expert revealed the increase of 1,233 products has brought the total number on the market to 14,437.
Mortgage Brain’s data showed that remortgage deals had seen the strongest growth, with 7.4% growth in product numbers bringing the total up by 670 new products to 9,718. The number of products for landlords to choose from had also grown by 4.5%, or 184 new products, since February 2019 to 4,263.
“Mortgage borrowers are the big beneficiaries of the heightened competition within the mortgage market now, with a greater level of choice than ever before,” Mortgage Brain CEO, Mark Lofthouse, commented.
“What’s more, this increase isn’t limited to a single area of the market, with products of all types and across all LTV bands seeing an uplift over the last year.”
The data revealed deals available at an LTV of 70% or more seeing the sharpest uplift. Mortgage Brain announced there were 9,350 deals to choose from at this level, reflecting an increase of 1,230 (15.1%) since February 2019.
The number of products available to borrowers at 90% LTV grew by just 25 (3.2%) over the same time period, to a total of 796 deals.
Mortgage Brain suggested the rise in products based on a three-year period, was even more significant – with the total number of mortgage deals on the market jumping by 6,077 (72.7%). The rise over this timeframe was found to be largest in buy-to-let – with 2,007 (89%) new product numbers entering the market.
Lofthouse added: “The sheer number of deals to choose from demonstrates the value provided by mortgage brokers in helping their clients navigate these competitive waters. But they too need to think carefully about what technology they can use to help them sift through the many home loans lenders have on offer.
“With more than 200 criteria filters integrated into the Mortgage Brain sourcing systems, daily product updates, and the ability to conduct multiple sourcing for each client, intermediaries can be confident that they can quickly and accurately identify which deals are right for their clients.”
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