There have been rises across the loan-to-value tiers, with the exception of 100% loan-to-value mortgages, which lenders appear loath to offer again. At present, there are 2,688 residential mortgage products for buyers to choose from – the most since December 2008.
Buyers with a 10% deposit have seen their options increase considerably; there are currently 261 products at 90% loan-to-value, up from 176 at the same point last year. The tier with the highest number of mortgage products at present is 75% loan-to-value, which is comprised of just over 800 residential home loan deals.
As a result of increasing numbers of mortgage products, rates have fallen.
Figures from Moneyfacts.co.uk last week showed that mortgage rates have fallen to their lowest point in 23 years.
The average two year fixed rate product is at 4.32%, the three year at 4.92% and the five year fixed rate at 5.29%. In addition, the average two year tracker rate has fallen to 3.37%.
Michelle Slade, spokesperson for Moneyfacts.co.uk, said:
"Lenders appear to be applying the recent cuts equally across all loan-to-value tiers, which is good news for first-time buyers. Previously, cuts were only being applied to lower loan-to-value bands." she added.
The number of buy-to-let products has also increased significantly. There are currently 457 buy-to-let deals on the market, a figure which has risen from 266 in the last 12 months.
