The financial information provider noted that this is the highest level since March 2020, when there were 391 deals.
Despite the rise, overall product choice overall fell month-on-month, to 6,451 options, but this is still substantially higher than a year ago (5,787).
Rachel Springall, finance expert at Moneyfacts, said: “Borrowers with a limited deposit may find it encouraging to see a growth in choice for mortgages available at 95% loan-to-value, now at its highest count in almost five years. This is positive to see, but there is still lots of room for more deals to be pushed out in this area of the market as it represents just 6% of all deals available to borrowers across fixed and variable mortgages.
Fixed rates remain high despite base rate rise
Average mortgage rates on the overall two- and five-year fixed rates rose by 0.04 and 0.07 percentage points to 5.52% and 5.32% respectively. Looking at 95% mortgages, average rates are 5.94, and 5.72 respectively, again higher than last month.
At the start of February 2024, the average five-year fixed rate was 5.18%; compared to the start of this month, the rate is 0.14 percentage points higher at 5.32%. However, the average two-year fixed rate has fallen by 0.04 percentage points over the same period, down from 5.56% to 5.52%.
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The average two-year fixed rate is 0.20 percentage points higher than the five-year equivalent but the gap is at its lowest margin since January 2023. The two-year fixed rate has now been higher than the five-year equivalent since October 2022.
The average two-year tracker variable mortgage rate fell to 5.46% and the average standard variable rate (SVR) fell to 7.78%.
Springall added: “Despite rising choice, average rates across a two- or five-year fixed deal at 95% loan-to-value are higher than at the start of 2025.
“There has been a drop in swap rates over the past few weeks, but it can be a slow and steady process for lenders to move in the same direction. Borrowers may then be disheartened to know that fixed rates are not too dissimilar to what they were a year ago, with longer-term fixed rates somewhat higher.
“In truth, it can take a few weeks for lenders to catch up to a change in course on future rate expectations, or indeed to pass on reductions from any Bank of England base rate cuts, as the latter would be more immediately beneficial to borrowers sitting on a linked tracker rate. However, inflation is expected to rise in the coming months, which in turn makes it less likely for more base rate cuts.”
