The number of mortgage products available has increased for yet another month to stand at a whopping 4,657. The data, taken from Moneyfacts’ monthly Mortgage Treasury Report, shows that the number of live deals has risen by 53 on July and by 843 on last August, when there were 3,814 deals available.
Choice has been increasing for longer than that, though, with this month’s increase marking the 15th month in a row that product numbers have improved according to Moneyfacts.
Indeed, the residential mortgage market has grown substantially since product numbers hit an all-time low of 1,209 in April 2009. Even compared to five years ago, when the number of products stood at 2,888, there has been an increase of 61%. The research highlights the most recent increase in product numbers is largely due to lenders entering the three-year fixed rate market.