Mortgage product numbers continue to grow: Moneyfacts
The total number of mortgage products available on the market has pushed past the 4,000 threshold for the first time since August 2022. This is according to figures from financial data firm Moneyfacts.
In total, there are now 4,341 mortgage products to choose from, which compares to 3,643 recorded in January.
Moneyfacts points out that as recently as October 2022, there were just 2,258 products available across all fixed and variable rate options.
In addition to this dramatic rise in product choice, the average shelf life of a mortgage product has increased from 15 days in January to 28 days today.
This is the joint highest number of days Moneyfacts has counted for this metric since March 2022.
And fixed mortgage rates are still dropping. Across all LTVs, the average two-year fix is now 5.44%, down from 5.79% a month ago, and the average five-year fix now stands at 5.20%. A month ago, this came to 5.63%.
Aaron Strutt, product director at Trinity Financial, says: “These figures show that the mortgage market is returning to normality since the ‘mini budget'. More lenders are lowering their fixed rates as they try to attract more borrowers.”
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