Based on the number of mortgage schemes listed on its sourcing system during the last 12 months, the number of live products has dropped to a new low, figures released by Mortgage Brain suggest.
At the end of December 2007, 24,094 mortgage schemes were available in the UK intermediary market. This dropped to 5,095 at the end of December 2008 - representing a massive 79% reduction in the past year. Variable rate mortgage schemes witnessed the biggest fall (94%) with 6,628 products listed at the end of 2007 dropping to 381 at the end of 2008. In comparison, at the end of December 2007, 28% of all available mortgage schemes were variable products - a figure which now stands at just 7%. The year-on-year figures also reveal a big decline in the number of Fixed rate schemes, which ha...
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