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Mortgage product numbers up 123% in past year

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The number of mortgage products available reached 10,418 in March, a 123 per cent increase on a year ago, according to Mortgage Brain.

Over 500 new products were added during March, taking the total live products listed on MB to 10,418 compared to 4,665 products a year ago.

Fixed rate products witnessed the biggest movement during March, climbing 10 per cent – 602 new products – to 6,550, up from 5,948 on March 7.

Variable rate products saw little movement during the past month, with an increase of 0.5 per cent – 5 new products – taking the total number of variable rate products to 1,111.

Trackers, which are the second most popular product type, dropped for the first time in four months during March. They fell 3 per cent from 2,841 on March 7 to 2,757.

Chief executive Mark Lofthouse says: “It has been a long time coming but we have finally broken the 10,000 mark for product availability in the UK intermediary market, which is great news for brokers.

“Additionally, the number of products with higher loan-to-value ratios is also increasing, which again is good news for brokers and their customers.”

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