Number of mortgage products leaps in January

Almost 1,000 new mortgage products hit the shelves in January - the biggest monthly increase in a year - according to sourcing firm Mortgage Brain.

The company's latest Monthly Product Analysis shows live mortgage schemes listed on its sourcing system increased 26% in the past month, from 3,534 on 4 January to 4,457 on 1 February.

Figures suggest product availability has now increased for seven consecutive months.

Fixed, tracker and variable products all rose in January. Trackers increased by 40% last month, from 1,029 on 4 January to 1,434.

Fixed-rate products still hold the high ground, however, with current figures listing 2,664 of all available products following a 24% increase in January

Variable-rate products climbed for the second month in a row, up by 1%, with current figures listing 359 products.

Mark Lofthouse, CEO of Mortgage Brain, says: "There does seem to be a positive mood in the air at the moment, so are we looking at a glimpse of a healthier and more stable market for 2010? Let's hope so."