The number of mortgage products available in the UK market has increased for the first time in a year, according to figures from Trigold.
Trigold’s analysis found the average number of products available in June climbed 7.5% since May to 15,052, after seeing a steady decline over the past twelve months.
In June 2007, intermediaries had a wealth of choice, with around 67,823 products available, but numbers have fallen 78% in a year.
Trigold’s marketing and business development director, David Aylmer, says: “April saw an increase of 10 providers re-entering the market and this number has remained static, which should be seen as encouraging.
“Whether this is merely a response to lenders pricing and re-pricing products or the first tentative shoots of recovery remain to be seen.”
However, the number of products sourced on the Trigold system fell below 1m for the first time since January to 958,561. The number of sources has increased by around 70,000 over the past twelve months.
There is also bad news for potential borrowers as average monthly mortgage payments reached a high of £959.42 in June, up £14.18 since May. Trigold says the limited availability of funds for lenders is contributing to higher borrowing costs, and other reports suggest the average two-year fixed rate deal is now priced at over 7%.
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