Exclusive broker offers continue to rise

Published: 14/09/2011

Intermediary-only mortgage products have increased for the ninth month in a row, according to Mortgage Brain’s monthly product analysis.

The number of products now available to brokers stands at 13,842, following a further 2 per cent increase month-on-month. This is an increase of 6,224 (82 per cent) year-on-year.

Both intermediary-only fixed rate and tracker mortgages increased, 3 per cent and 1 per cent respectively. There are now currently 8,273 fixed rate mortgages and 3,845 trackers available to brokers. Variable rate products however have dipped for the first time in three months to 1,724 (1.5 per cent).

Abbey for Intermediaries and Northern Rock are two of the most recent lenders to launch new broker-only products.

Abbey for Intermediaries has launched a three-year fixed rate mortgage up to 75 per cent loan-to-value (LTV) for buyers and remortgagers at 3.85 per cent with no fee while Northern Rock has launched a range of mortgages available exclusively via brokers which include a two-year fixed rate up to either 65 per cent or 75 per cent LTV plus a £995 fee at rates of 2.59 per cent and 2.77 per cent respectively.

Mark Lofthouse is the Chief Executive Officer at Mortgage Brain. He said:

“Mortgage product numbers have increased for the ninth month in a row which is great news for brokers.

“Some 12 months ago, there were 7,618 products listed on our system and since then 6,224 new products have been introduced to bring the total to 13,842. That’s an 82 per cent increase since August 2010, which speaks volumes for the direction the market is heading in.”¹

Source
¹Mortgage Strategy (Sep 2011)

Content correct at time of publication