March mortgage product numbers hit new high

April 12, 2024 by Mark

Lenders

The number of mortgage products that were on offer within the market during last month reached a new record high, according to the most recent figures published by a top sourcing platform.

Twenty7tec is arguably the premier platform for finding products among mortgage advisors now. Every month it publishes a market report and the one for March revealed a total of 21,054 available products. That is the highest that the industry has seen and is 1,420 more than the number available during February. When compared to March 2023, the figure is higher by 7.2%.

The total for last month also breaks the record for the most products to be available in a single month. That was previously set very early in 2020, prior to the Covid-19 crisis hitting the UK.

However, although product numbers rose during the month, the amount of searches for them conducted by advisors fell. March saw 1.9 million product searches using Twenty7tec. That is 12% fewer than the total for the month before. Purchase mortgages made up the majority of the total, at 50.28%, while the remaining 49.72% were for remortgage products.

Twenty7tec’s CEO James Tucker pointed out that it had been half a year since the last time there were more searches for purchase products than remortgage ones. Then he added:

“Let’s hope that, as the clocks go forward, so will market momentum.”

Most mortgage advisors who have the CeMAP qualification will have picked up on signs that the market is beginning to revive during the early months of 2024.