Homebuyers are currently benefiting from a greater choice of mortgage products, according to research by Alexander Hall.
The study found that increased competition among lenders could lead to more favourable borrowing costs.
Buy-to-let investors saw the largest increase, with 2,220 products available, marking a 12.9% rise over the past year and a 7.9% increase since the Autumn Statement in October.
First-time buyers also saw improvements, with around 694 mortgage products available, up 2.7% since the Autumn Budget and 11% higher year-on-year.
Home movers experienced a 4.8% increase in product availability since the Autumn Budget, while those looking to remortgage saw a 4.7% rise.
Stephanie Daley, director of partnerships at Alexander Hall, said: “Whilst Bank of England rates have started to reduce, we’re yet to see any notable improvement with respect to mortgage rates and, in fact, our previous research shows that the average mortgage rate is currently around 8% higher than it was a year ago.
“However, the good news for homebuyers is that mortgage product availability has improved and there is now a greater degree of choice, with more options available to them even in the few short months since the Autumn Budget.”
Daley added: “Specifically, for first-time buyers, not only has the number of products available increased but so has the number of lenders who are now offering higher income multiples to help ease the affordability challenge when getting on the ladder.
“Over the past few months, we have seen Halifax launch their FTB boost and Nationwide improve their helping hand proposition, which now also includes home movers.
“Plus lenders such as Skipton and Accord are offering creative solutions for lower deposit options meaning there are more ways to get on the property ladder than people often think.”
She said: “Given there are more products available this means that lenders will be facing increased competition and so they may be more inclined to lower rates in order to win business.
“This highlights the importance of getting a whole of market view before deciding on a mortgage and it’s advisable to always consult a well renowned mortgage adviser before simply opting for the deal offered by your high-street bank.”
