Moneyfacts UK Mortgage Trends Treasury Report reveals that the total number of residential mortgage products has surpassed 5,000 for the first time since May 2022.
The product choice increased month-on-month to 5,146 options, marking the highest count since February 2022 (5,356).
Availability within the 60% loan-to-value (LTV) tier reached a record high on Moneyfacts records, following a rise of 45 to 702 products.
The 85% LTV bracket experienced one of the largest increases over the month, with 806 available products, also reaching a record high on Moneyfacts records.
Both the average 2- and 5-year fixed rates rose between the start of March and the start of April, reaching 5.35% and 5.05%, respectively.
The average 2-year tracker variable mortgage rate increased by 0.18% month-on-month, exceeding 5% for the first time in 14 years (December 2008 – 5.41%) to stand at 5.02%.
The average Standard Variable Rate (SVR) continued its upward trajectory, reaching 7.30%, the highest rate since February 2008 (7.31%).
Rachel Springall, Finance Expert at Moneyfacts, said: “The number of mortgage products has risen to its highest point in over a year, boosting choice for consumers comparing deals and sets a positive movement across the market.”
She noted that interest rate competition among lenders was mixed month-on-month, but it is widely expected that fixed mortgage rates will reduce over the next few months.
Springall also highlighted the steady rise in variable interest rates and urged borrowers to seek independent financial advice when comparing rates and mortgage packages.
She said: “Borrowers comparing both rates and the overall mortgage packages would be wise to seek independent financial advice to assess the true cost of any deal, and to ensure it’s the right time for them to refinance.”
