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Mortgage product choice dropped by almost half in September - data

The choice of mortgage products for borrowers dropped by almost half during September, new figures show.

Thousands of mortgages were withdrawn and priced higher last month after the Bank of England increased interest rates and wholesale funding costs for lenders rose amid concerns about the economic impact of Chancellor Kwasi Kwarteng’s mini-Budget.

Mortgage software platform Twenty7Tec has revealed the extent of withdrawals and the choice it leaves potential buyers when looking to get a mortgage to purchase a property.

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Its data, based on the mortgage products on its system, shows there were 13,634 home loans available at the start of September and the figure dropped to 7,356 by the end of the month.

That is a 46% drop and echoes figures from comparison website Moneyfacts that show a reduction in product availability, while financial data company Defaqto has said its records show nearly 3000 mortgage products have been withdrawn.

It is unclear from the Twenty7Tec data what the breakdown is between mortgages for home purchase, remortgaging and buy-to-let.

Nathan Reilly, director of customer relationships at Twenty7Tec, said: “The drop in product availability is likely to be a short term measure as lenders reassess the market, economic situation and any operational challenges that could arise if they return before their peers.

“Positively, we're already seen that a number of lenders have completed this assessment and are lining up gradual returns. This is likely to result in an increase in products next week.”

See the full list of the number of available mortgage products for each day going back to October 2021 below:

Date

Total mortgage products on Twenty7Tec's systems

Oct 1, 2021

15196

Oct 4, 2021

15204

Oct 5, 2021

15232

Oct 6, 2021

15232

Oct 7, 2021

15397

Oct 8, 2021

15540

Oct 11, 2021

15540

Oct 12, 2021

15517

Oct 13, 2021

15668

Oct 14, 2021

15688

Oct 15, 2021

16017

Oct 18, 2021

15931

Oct 19, 2021

15892

Oct 20, 2021

15980

Oct 21, 2021

16011

Oct 22, 2021

16029

Oct 25, 2021

16230

Oct 26, 2021

16266

Oct 27, 2021

16216

Oct 28, 2021

16173

Oct 29, 2021

16127

Nov 1, 2021

16142

Nov 2, 2021

16186

Nov 3, 2021

16170

Nov 4, 2021

16054

Nov 5, 2021

16044

Nov 8, 2021

16105

Nov 9, 2021

16077

Nov 10, 2021

16084

Nov 11, 2021

16252

Nov 12, 2021

16270

Nov 15, 2021

16272

Nov 16, 2021

16272

Nov 17, 2021

16279

Nov 18, 2021

16304

Nov 19, 2021

16421

Nov 22, 2021

16244

Nov 23, 2021

16252

Nov 24, 2021

16312

Nov 25, 2021

16410

Nov 26, 2021

16413

Nov 29, 2021

16331

Nov 30, 2021

16299

Dec 1, 2021

16401

Dec 2, 2021

16532

Dec 3, 2021

16563

Dec 6, 2021

16766

Dec 7, 2021

16772

Dec 8, 2021

16808

Dec 9, 2021

16825

Dec 10, 2021

16979

Dec 13, 2021

16809

Dec 14, 2021

16814

Dec 15, 2021

16857

Dec 16, 2021

16858

Dec 17, 2021

16840

Dec 20, 2021

16840

Dec 21, 2021

16945

Dec 22, 2021

16926

Dec 23, 2021

16922

Dec 24, 2021

16922

Dec 27, 2021

16922

Dec 28, 2021

16922

Dec 29, 2021

16920

Dec 30, 2021

16923

Dec 31, 2021

16923

Jan 3, 2022

16923

Jan 4, 2022

16931

Jan 5, 2022

16933

Jan 6, 2022

16936

Jan 7, 2022

16940

Jan 10, 2022

16912

Jan 11, 2022

16919

Jan 12, 2022

17111

Jan 13, 2022

17160

Jan 14, 2022

17272

Jan 17, 2022

17179

Jan 18, 2022

17488

Jan 19, 2022

17384

Jan 20, 2022

17362

Jan 21, 2022

17321

Jan 24, 2022

17329

Jan 25, 2022

17413

Jan 26, 2022

17409

Jan 27, 2022

17380

Jan 28, 2022

17384

Jan 31, 2022

17392

Feb 1, 2022

17323

Feb 2, 2022

17372

Feb 3, 2022

17321

Feb 4, 2022

17293

Feb 7, 2022

17289

Feb 8, 2022

17373

Feb 9, 2022

17402

Feb 10, 2022

17393

Feb 11, 2022

17236

Feb 14, 2022

17071

Feb 15, 2022

17065

Feb 16, 2022

17041

Feb 17, 2022

16878

Feb 18, 2022

16897

Feb 21, 2022

16906

Feb 22, 2022

16980

Feb 23, 2022

17637

Feb 24, 2022

17789

Feb 25, 2022

17359

Feb 28, 2022

17518

Mar 1, 2022

17476

Mar 2, 2022

17471

Mar 3, 2022

17500

Mar 4, 2022

17447

Mar 7, 2022

18049

Mar 8, 2022

17955

Mar 9, 2022

17955

Mar 10, 2022

18198

Mar 11, 2022

18253

Mar 14, 2022

18056

Mar 15, 2022

18119

Mar 16, 2022

18063

Mar 17, 2022

18194

Mar 18, 2022

18144

Mar 21, 2022

18134

Mar 22, 2022

18080

Mar 23, 2022

18191

Mar 24, 2022

18277

Mar 25, 2022

18191

Mar 28, 2022

18193

Mar 29, 2022

18355

Mar 30, 2022

18357

Mar 31, 2022

18358

Apr 1, 2022

18194

Apr 4, 2022

18087

Apr 5, 2022

17977

Apr 6, 2022

18203

Apr 7, 2022

18390

Apr 8, 2022

18448

Apr 11, 2022

18383

Apr 12, 2022

18521

Apr 13, 2022

18542

Apr 14, 2022

18529

Apr 15, 2022

18527

Apr 18, 2022

18527

Apr 19, 2022

18141

Apr 20, 2022

18344

Apr 21, 2022

18224

Apr 22, 2022

18106

Apr 25, 2022

18107

Apr 26, 2022

18192

Apr 27, 2022

18235

Apr 28, 2022

18236

Apr 29, 2022

18339

May 2, 2022

18346

May 3, 2022

18431

May 4, 2022

18328

May 5, 2022

18290

May 6, 2022

18262

May 9, 2022

18139

May 10, 2022

18109

May 11, 2022

17966

May 12, 2022

17997

May 13, 2022

18046

May 16, 2022

17666

May 17, 2022

17666

May 18, 2022

17659

May 19, 2022

17688

May 20, 2022

17615

May 23, 2022

17652

May 24, 2022

17560

May 25, 2022

17578

May 26, 2022

17627

May 27, 2022

17599

May 30, 2022

17748

May 31, 2022

17647

Jun 1, 2022

17669

Jun 6, 2022

17736

Jun 7, 2022

17925

Jun 8, 2022

17858

Jun 9, 2022

17787

Jun 10, 2022

17615

Jun 13, 2022

17559

Jun 14, 2022

17566

Jun 15, 2022

17465

Jun 16, 2022

17468

Jun 17, 2022

17318

Jun 20, 2022

17280

Jun 21, 2022

17017

Jun 22, 2022

16897

Jun 23, 2022

16924

Jun 24, 2022

16740

Jun 27, 2022

16579

Jun 28, 2022

16649

Jun 29, 2022

16499

Jun 30, 2022

16460

Jul 1, 2022

16293

Jul 4, 2022

16283

Jul 5, 2022

16398

Jul 6, 2022

16422

Jul 7, 2022

16317

Jul 8, 2022

16192

Jul 11, 2022

16182

Jul 12, 2022

16062

Jul 13, 2022

15910

Jul 14, 2022

15901

Jul 15, 2022

15890

Jul 18, 2022

15778

Jul 19, 2022

15768

Jul 20, 2022

15895

Jul 21, 2022

15928

Jul 22, 2022

15819

Jul 25, 2022

15798

Jul 26, 2022

15687

Jul 27, 2022

15364

Jul 28, 2022

15424

Jul 29, 2022

15388

Aug 1, 2022

15388

Aug 2, 2022

15443

Aug 3, 2022

15457

Aug 4, 2022

15489

Aug 5, 2022

15280

Aug 8, 2022

15250

Aug 9, 2022

15078

Aug 10, 2022

15082

Aug 11, 2022

15124

Aug 12, 2022

15105

Aug 15, 2022

15027

Aug 16, 2022

14884

Aug 17, 2022

14691

Aug 18, 2022

14776

Aug 19, 2022

14707

Aug 22, 2022

14716

Aug 23, 2022

14697

Aug 24, 2022

14621

Aug 25, 2022

13811

Aug 26, 2022

13666

Aug 29, 2022

13624

Aug 30, 2022

13725

Aug 31, 2022

13616

Sep 1, 2022

13634

Sep 2, 2022

13639

Sep 5, 2022

13677

Sep 6, 2022

13736

Sep 7, 2022

13686

Sep 8, 2022

13653

Sep 9, 2022

13321

Sep 12, 2022

13384

Sep 13, 2022

13369

Sep 14, 2022

13385

Sep 15, 2022

13421

Sep 16, 2022

13611

Sep 19, 2022

13585

Sep 20, 2022

13578

Sep 21, 2022

13728

Sep 22, 2022

13785

Sep 23, 2022

13811

Sep 26, 2022

13717

Sep 27, 2022

12489

Sep 28, 2022

11182

Sep 29, 2022

8350

Sep 30, 2022

7356

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