The number of mortgages on the market has increased, despite a second lockdown in England, analysis showed.

Product availability increased by 145 month-on-month, with the strongest growth seen in the 75 per cent and 80 per cent loan to value (LTV) sectors, according to Moneyfacts data.

However, there are less than half the number of mortgages available than this time last year.

And rates have kept on rising from the record lows of July.

The average two-year mortgage is now priced at 2.43 per cent, while a typical five-year fix is 2.70 per cent.

Eleanor Williams from Moneyfacts said: “It is notable that 63 per cent of the 145 additional products made available this month are offered in the 75 per cent and 80 per cent LTV sectors, where product numbers increased by 43 and 49 respectively.

“Indeed, availability increased across all the LTV tiers this month, with the exception of the limited 95 per cent and 100 per cent tiers where there was no change, and the smallest fluctuation was seen in the next highest LTV bracket at 90 per cent. This could be indicative of the fact that lenders are focusing their offerings toward traditionally lower-risk borrowers with larger equity or deposit.

“Also demonstrating how fluid the mortgage market remains is the fact that the average shelf life for a mortgage product has reduced to 28 days, which is the lowest on Moneyfacts’ records since providers reacted to the Bank of England base rate increasing from 0.50 per cent to 0.75 per cent in August 2018.

“It is half the average shelf life we recorded of 56 days in February of this year and suggests that borrowers have a limited time to secure their product of choice.”