UK market swamped by 1,600 mortgage products in 2011

In Last Month alone 1,600 New Mortgage Products Were Launched

In Last Month alone 1,600 New Mortgage Products Were Launched

The choices available to intermediaries while choosing a mortgage got a fillip in the UK in January, despite data evidence showing that lenders have actually tightened their purses.

According to Mortgage Brain’s monthly product analysis for January, more than 1,600 products were launched in January alone, taking the total count of ‘live’ mortgage options to nearly 10,000.

The January flood indicates a 21% jump in product availability and has taken the total count of live mortgage schemes – listed on its sourcing system to 9,744.

The January analysis also shows that lenders have launched a staggering 5,287 new mortgage products in the last twelve months in the domestic market.

In the last one month alone, 820 new tracker products (45% of total new launches) have been launched, taking the total count of tracker mortgages to 2,652.

Fixed rate mortgages recorded a robust 17% growth in January and consist of the biggest slice of the mortgage pie – a total 5,982 of all live mortgages are fixed rate products.

However, Variable products witnessed a negative grow and 11 products were withdrawn in January and currently consists of 1,110 live products.

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