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Mortgage schemes hit record high.
Fri 9th Oct 09 - 18:39
The number of mortgage schemes available to intermediaries rose to its highest level in five months, according to Mortgage Brain's Monthly testing of products.
The total number of mortgage schemes that are live on its main market system of supply has increased by an encouraging 15% over the past month. The current figures October 5, 2009) of mortgage products is currently 2868, as opposed to 2505, recorded on August 31, 2009.
The increase in available mortgage schemes in September has brought the number of mortgage schemes available online to its highest level since May 2009. Since then, two significant decreases were observed, followed by three consecutive increases.
Trackers witnessed the largest increase during the last month, increasing by 32% to 666 products, followed by fixed-rate products rose 14% to 1804 products. Variable-rate products, however, are down for the first time in four months after falling from 4% in September to 398.
Jonathan Smith, Chief Broker at northmortgages.co.uk, commented: "Overall the data analysis for this month is encouraging. Total mortgage loan schemes are at their highest level in five months, the number of trackers and BTL products increased significantly and the higher LTV products have also increased. However, the appetite for providing undesirable products is exceptionally limited.
"As we have always said, there is still a long way to go, but it is encouraging to report positive figures as we begin to head for the end of the year extremely eventful.
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Source: North Mortgages Ltd - 9th October, 2009
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