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Mortgage brokers see 51% rise in loan availability

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by Gill Montia

The number of home loans accessible by mortgages brokers has increased 51%, to 4,665, since this time last year.

However, April saw a 4% drop in products available, compared with March, according to sourcing software specialist, Mortgage Brain.

The choice of tracker deals took an 11% dive to 1,441, and the availability of fixed-rate loans declined slightly to 2,840, whereas intermediaries saw the number of variable loans at their fingertips increase 4%, to 384.

Mortgage Brain says that fluctuations of this nature must be expected in the current economic environment, and points to the year-on-year improvement as a better indicator of trend.

Mortgage brokers are feeling generally upbeat about 2010 according to recent research by Platform, which is part of Co-operative Financial Services.

Sixty-six per cent of participants in the lender’s latest Intermediary Outlook Survey were positive, although 39% of those questioned expected dual pricing (where lenders offer their most competitive rates direct to borrowers) to continue to be a major challenge in the intermediary market.

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News posted: April 7, 2010

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