1,500+ new mortgage deal offered

Over 1,500 mortgage schemes were introduced into the UK mortgage market during the month of August.

This was the biggest monthly increase in over 20 months, according to a monthly product survey from adviser sourcing system Mortgage Brain.

The figures show a 25% jump in the number of mortgage deals on offer in a single month, up from 6,081 on 2 August to 7,618 by 30 August 2010.

The sharp rise in mortgage product choice this August is in stark contrast to the 0.2% rise recorded last August adding little to a product total then of 2,505.

Since then over 5,000 products have been introduced, which is a 204% increase, bringing today's figures to an all new high, said Mortgage Brain.

The number of fixed rates launched last month rose by 31%, more than any other product type, bringing the number of deals offered via mortgage advisers to 5,020 - up from 3,841 on 2 August 2010.

Variable rate products also leapt by 85% with 437 new products launched in August.

Trackers continue their downward trend, however, dropping for the third month in a row (5%) but still hold their ground as the second most numerous product type at 1,649.

Mark Lofthouse, chief executive of Mortgage Brain, said:

"Compared to August 2009 the UK mortgage market has moved ahead leaps and bounds in terms of product availability, which is great news for all.

"This time last year our analysis showed that five new products were introduced during August. This year the number peaks at just over 1,500. The overall 12 month analysis is equally as impressive with 5,113 more products now available in the UK intermediary market than there was this time last year."