The firm said 1,287 new products had been launched since September to pass the milestone.

MAB said it began tracking the market in April 2009, when just 3,867 mortgage products were on offer.

After a summer rush the report said the number of mortgage applications had dipped 10% in November. However, that figure was still 45% higher than November last year.

The growth in products was largely felt by the intermediary sector with a 6% rise in the number of mortgages available through brokers. In total 74% of all mortgage products are available through the intermediary channel. This is a rise from 71% at the same point last year.

During this period the number of direct-only products fell to 3,071.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “More products keep arriving on the market, and anyone looking to buy a home or remortgage has the added bonus of attractive rates to choose from despite speculation about how long the discount season will last.

“The variety of options – both with and without the benefit of government support – may be confusing to first-time buyers and anyone with limited experience of getting a mortgage. For this reason, brokers have a vital role to play by looking beyond the headline rates and finding the best deal for each customer’s circumstances.

“Many lenders are busy getting to grips with Help to Buy, the end of the Funding for Lending Scheme and changes to mortgage regulations next year. The fact lenders are increasingly working with brokers is welcome news for the home-buying public, who can make use of impartial advice to find the best deal from a wider selection of products.”