The total number of mortgage products at all LTVs saw a dramatic drop between August and September, Moneyfacts says, by 517 to 3,890.

This is the smallest number counted since April 2021, when there were 3,842 products on the market, and is 1,425 fewer than available in December 2021.

And what’s more, all LTV brackets saw product counts fall, which is the first time this has happened since April 2020.

Moneyfacts also says that the average standard variable rate moved up in September for the ninth month in a row, by 23 basis points to 5.40% – the highest recorded since December 2008, when it hit 5.68%.

Meanwhile, the average two-year fixed rate currently sits at 4.24%, the highest since January 2013, when it hit 4.24%, and the average five-year fixed rate is now 4.33%, the highest since November 2012, which saw it come to 4.47%.

Moneyfacts finance expert Eleanor Williams says: “The average product shelf life rose to 28 days in September, up from the record low of 17 days last month, but rather than this indicating a more stable mortgage market, when considered alongside the significant number of product withdrawals it may instead be a sign that lenders are tightening and condensing their ranges and focusing their product offerings.”

She adds: “It’s unlikely to be a surprise that average rates have continued to march upwards, with both the average overall two- and five-year fixed rates rising for the 11th consecutive month.”