Despite two steady increases in product availability in the past two months, the total number if live mortgage schemes listed on Mortgage Brain has dropped by 14 per cent. Currently, it says there are currently 2,896 live mortgage products on the sourcing system, down from 3,322 in May 2009.
Mortgage Brain says although the drop in figures could be seen as a disappointment, the current figures are actually higher than they were three months ago when the first potential signs of positive market movement were seen.
Fixed rate mortgages witnessed the biggest fall during May, down from 2,405 to 1,905, followed behind by variable rate mortgages, which are down 4 per cent. Trackers, however, took a positive turn during May, seeing an 11 per cent increase in product availability.
Mortgage Brain chief executive Mark Lofthouse says: “It would have been great to have been able to report an increase in product availability for the third consecutive month. However, as these figures show, we’re still in the thick of a fluctuating and volatile market where trading conditions for mortgage intermediaries remain uncertain.
“Its not all doom and gloom, however, there are positives to be taken from these figures. Product availability for fixed, variable and tracker mortgages have held steady when compared to three months ago, which in the current climate is a visible representation of market stabilisation.”