Broker fixed rate availability plummets

The latest monthly product analysis from intermediary sourcing system Mortgage Brain shows that the number of fixed rate deals fell by 23% from 1,905 products in May to 1,477 in June.

The number of trackers fell 9% during June to 565 while the number of variable rates climbed 9%. Variable rates are still low in numbers though despite the increase, with only 371 deals available through brokers.

Overall, the total number of available mortgage products listed on Mortgage Brain’s system dropped 16% as at June 29 to 2,413, compared with 2,867 at the beginning of the month.

Mark Lofthouse, chief executive of Mortgage Brain, said: “These latest figures clearly show that the UK mortgage market is still fluctuating and the roller coaster ride looks set to continue.

“As can be seen the current trend is the withdrawal of fixed-rate products, which could be seen as an early indication of market adjustment.”