That’s according to Moneyfacts, which has analysed product choice during times of market volatility, from covid to the mini-budget and cost of living crisis.
And it found that borrowers have more options now than during any time in the last five years.
The financial information provider noted that, on 23 March 2020, there was a nationwide lockdown announced in the UK, which it said ‘had an unprecedented impact on product choice for borrowers’.
Mortgage product choice more than halved between 1 March 2020 and 1 May 2020, plummeting from 5,222 deals to just 2,566. Choice at higher loan-to-values nosedived and it took five years for the quantity of deals at 95% loan-to-value to recover.
Between 1 September 2022 and 1 October 2022 (following the infamous Liz Truss mini-Budget), the mortgage market noted its biggest monthly drop of product choice since the pandemic, with a fall of 1,632 deals (down from 3,890 to 2,258).
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As of 1 April 2025, there are 6,870 mortgages on the market.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Five years ago, the COVID-19 pandemic and UK lockdown set in motion an unprecedented situation for consumers. Not only did this impact people’s everyday lives, but the turmoil caused havoc for lenders and savings providers. Whether someone was buying a home or saving a pot for their future goals, the years that ensued where challenging to say the least. Those consumers looking at their current situation would do well to make every effort to budget and save to help them cover any unexpected costs.
“There is an abundance of choice for mortgage borrowers, and there is a big expectation for lenders to do more to stimulate UK growth. The positive recovery in mortgage choice comes after a dramatic five years of ups and downs.
“Affordability remains a key issue for buyers, so saving for a large deposit can still feel like an uphill struggle, so choosing the right savings account is essential.”
