Ahead of the launch of the second phase of Help to Buy in October there were 43 products available for borrowers with a 5% deposit, research from Genworth has found.

That figure has more than trebled in the last five months with 132 products now available to this high LTV band, a rise of 207%.

Most major banks have launched products using Help to Buy while other lenders such as Yorkshire Building Society have announced high LTV deals of their own.

This increased competition in the market has seen the average rate fall by almost 80bps. The typical 95% product was available with a rate of 5.48% at the end of September 2013 compared with 4.69% at present.

Simon Crone, Genworth vice-president of commercial mortgage insurance Europe, said: “Whether or not borrowers focus on the Help to Buy product range or look beyond it for more options, the scheme’s galvanising effect means there are now far more choices and far better rates at 95% LTV to end their wait for a loan.”