That’s according to Moneyfacts, which recorded 6,645 options on offer to borrowers – the third-highest monthly figure since 2008.
The financial information provider added that there are almost three times the mortgages available now (6,645) than two years ago in October 2022 (2,258).
Rates have ticked down
Average mortgage rates on two- and five-year fixed rate deals fell month-on-month by 0.16 and 0.13 percentage points, added Moneyfacts.
The overall average two-year fixed rate is now 5.4% and the five-year fixed rate is now 5.07% – the lowest level in 18 months.
The average two-year tracker mortgage fell slightly to 5.67%, while the average standard variable rate (SVR) fell to 7.96%.
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Rachel Springall, finance expert at Moneyfacts, said: “These moves show the promising attitude of lenders to draw in new customers, which may be even more pressing as we edge closer to any of their end-of-year targets.
“Last month falling swap rates encouraged lenders to cut rates, but a combination of the looming Budget, concerns over inflation and other global influences can result in market pricing uncertainty. However, there are still expectations for the Bank of England base rate to drop further before the year is over.
“All eyes will be on the pending Budget and the next base rate decision day for borrowers, but in the meantime, it would be wise for them to seek independent advice to explore the latest options.
“Lenders will no doubt be watching the markets closely, so they may react to changes suddenly. As a result, as we have seen in the past, some deals could be pulled as lenders try to assess their current margins.”
