The number of mortgage products available to intermediaries has risen by 82% in the last year. This data comes form Mortgage Brain's monthly product analysis.
In the past twelve months over 6,200 new products have been introduced. The total number of products available now stands at 13,842. Compare this to a year ago where there was only 7,618.
This shows real and significant improvements in product choice and availability. However we are still a long way from the peak of 2007. In April 2007 there were 76,983 products available. These latest figures show that we are still 82% short of this figure.
Granted we will never get back to 100%, nor should we, as some of the products on offer were a recipe for disaster. I also appreciate that lenders are balancing there books at the moment as they are far from being clear of this madness. That coupled with the tighter restraints governed by the FSA means there appetite to lend to anything outside the norm has diminished for the time being.
Saying that some of the improvements made to criteria over the last 3 months has shown promise. I am encouraged and look forward to a good 2012 for everybody.