The number of mortgage products available as exclusives to the intermediary market has fallen by over 87% since last year, according to new research from Abbey for Intermediaries (AfI).
There has also been a 57% drop in the number of lenders offering exclusive products over the period.
The decision by lenders to pull the best deals from the intermediary market has had a devastating impact on mortgage advice firms and the new figures show the tide is not turning yet.
However, AfI has re-iterated its support for advisers and has extended its exclusive product range to include Countrywide network. This takes the total number of intermediary key accounts with access to Abbey's exclusives range to twelve - with at least 75% of mortgage intermediaries having access to one or more of the mortgage products available in the range.
Intermediary partners who receive exclusives as of 12 August 2008 include: Countrywide, Intrinsic, Legal & General, Mortgage Intelligence, Network Data, Openwork, Personal Touch Financial Services (PTFS), Pink Home Loans, PMS, Sesame and The Mortgage Alliance.
Adrian Whittaker, key accounts director, Abbey for Intermediaries said: "We're going against the market trend here in a good way. We promised intermediaries we would build our exclusives range to provide them with the products they needed to weather the market, and that is exactly what we are doing.
"It will be a slow and carefully plotted route as we expand the range further, but at least it's in the right direction, we have seen too much market movement in the wrong direction recently and mortgage clubs and networks are in need of our support.”
AfI re-introduced its mortgage exclusives range through its broker channel in May after withdrawing them for a month in order to help maintain service levels. Since then each month has seen new exclusive products introduced into the range.
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