Mortgages through brokers break 10,000 barrier

The number of mortgage products available through UK intermediaries has pushed beyond 10,000 for the first time in years.

Over 500 new products were introduced in March 2011, representing a 5% increase in product availability, which pushed the total number of live mortgage schemes to 10,418, according to Mortgage Brain figures.

This was a 123% increase in product availability compared to 12 months ago when brokers had access to just under 5,000 products.

More fixed rate products were launched in March than any other type, climbing 10% to 602 new products. They now represent 6,550 of available products from 5,948 on 7 March 2011.

Variable rate products remained relatively stable with an increase of 0.5%, but the 12 month analysis for this product type shows a massive 189% increase in product availability compared to the start of April 2010.

Trackers, which still remain the second most popular product type, dropped for the first time in four months during March by 3% from 2,841 on 7 March 2011 to stand at 2,757.

Mark Lofthouse, CEO of Mortgage Brain, says: "The number of products with higher Loan to Value ratios is also increasing, which again is good news for brokers and their customers.

"Overall product availability is now at its highest level since September 2008, and to look back over the past 12 months and see a 123% increase is a real delight and shows a clear picture of market movement and the progress that continues to be made."