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Mortgage brokers detect signs of stabilisation

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by Gill Montia

Despite a fall of 78% over the year to the end of August, the number of home loans available to mortgage brokers remained stable last month.

So says mortgage advice website, Mortgage Brain, in its monthly review of the market.

The firm detected an 0.2% rise in the number of products available to brokers, representing five new loans.

Fixed-rate products remained the most abundant, accounting for 1,586 of the total number of home loans accessible to brokers, followed by trackers at 506, and variable rate deals at 413.

At the end of last month 2,505 products remained “live” to brokers compared with 11,544 a year earlier, with the decline in the number of trackers and fixed-rate deals standing at 88% and 78% respectively.

Variable rate schemes, however, saw an annual drop of only 15%.

The company’s chief executive, Mark Lofthouse, point out that August is typically one of the quietest months in the year and says he believes the figures can be seen as “further signs of market stabilisation.”

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News posted: September 8, 2009

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