Borrowers can now choose from 4,500 different mortgage deals
The number of mortgage deals on the market has increased by 53 in the last month, to a massive 4,657, said Moneyfacts.
The financial information provider added that this means product numbers have now increased for 15 consecutive months.
Charlotte Nelson, finance expert at Moneyfacts, said: “Since April 2009, when the number of products on the mortgage market hit an all-time low of 1,209, the residential mortgage market has seen product numbers grow substantially. In fact, the number of deals on the market has increased by 61% in just five years.”
This month’s boost in products is driven by several lenders launching three-year fixed rate products – which rose by 48 deals in the last month alone.
“The talk of an impending Base Rate rise means that borrowers are starting to look at their options to protect themselves from a potential rise in monthly repayments,” explained Nelson. ”
“However, with such a large variety now within reach, it is important that borrowers seek the advice of a financial adviser to ensure they get the best deal for them.”