The number of available fixed rate mortgages has risen back to pre-pandemic levels, according to Defaqto.

The financial information provider said that there are now 2,488 fixed rate mortgages on the market, which is just over the 2,479 on offer in March 2020.

That figure dropped sharply by 44% to just 1,390 last April the UK went into the first lockdown.

First-time buyer bounceback

First time buyers were hit the hardest in the pandemic, said Defaqto, with the number of fixed rate mortgage products for them falling from 849 in March 2020 to just 455 in April 2020.

Almost all 95% and 90% LTV products for first time buyers were pulled from the market.

Today there are 857 mortgages available for first time buyers, of which 112 are for those with a 10% deposit or less.

Sub-1% mortgages

More fixed rate products are also being offered at under 1%, with 10 providers have recently launched two-year sub-1% fixed products. They are Barclays, Cumberland BS, HSBC, Lloyds Bank, Nationwide, NatWest, Platform, Royal Bank of Scotland, Santander and TSB.

However, the lowest rates are not always the cheapest. It’s important to always take the fees into account over the term of the mortgage deal you are interested in, in addition to the interest rate.

Katie Brain, consumer banking expert at Defaqto, said: “It is great to see so many mortgage products available to borrowers. Many who were looking to move last year had to put their plans on hold during the pandemic as loans disappeared from the market.

“First time buyers were hit hardest as the small deposit mortgages were all withdrawn. This part of the market still has yet to recover but overall the number of fixed rate products is back to pre-pandemic levels. This is good news for borrowers as more mortgages means more choice.

“Buying a property is a huge commitment and one that should not be entered into lightly. It is best to seek independent professional advice to get the best product for your needs.”