The huge hike since October is, according to Moneyfacts, the biggest four-monthly rise it has recorded since 2007.

When compared to the last month, there are now 88 more deals offer with the 90% loan-to-value (LTV) market seeing the biggest monthly rise in availability.

The data revealed there were 248 deals for borrowers with 10% deposits which represented a 386% growth in availability since October 2020.

Eleanor Williams, finance expert at Moneyfacts, said: “Recent HMRC data reflects the boom in activity in the mortgage sector at the end of 2020, with stamp duty transactions in the final quarter of last year surging to over 40% higher than the previous quarter, as those rushing to take advantage of the temporary holiday in stamp duty and those unleashed after the enforced shutdown flooded the market.

“This is echoed in our data where, following four months of improvement, at 3,215 products, overall choice has now returned to the highest level recorded since March 2020.”

Williams explained the improvement in choice had been recorded across all LTV tiers – with the exception of 95% LTV which the only five details are specialist products.

She said willingness to extend lending in the 90% LTV high risk bracket could be an indication that lenders had confidence in the sector, despite ongoing, wider economic uncertainty.

“This is echoed by the average two and five-year fixed rates at 90% LTV seeing the largest fall of all the lending tiers, reducing by 0.09% and 0.07%,” she added.

Indeed, Moneyfacts’ data released today also showed prices were going up in general. It revealed the average two-year fixed rate for all LTVs rose for the seventh consecutive month while the five-year equivalent  increased for the second month running. These rise were only for 0.01% and 0.02% respectively.

Over the last two months, Moneyfacts said, each of these averages had risen by just 0.04%. Considering that between September and October 2020 these rates increased by 0.14% and 0.13% individually, Williams said this may indicate a levelling off and potential stability returning to the market.

The average shelf life for all mortgage deals, which had been static at 28 days for the previous three months, had now risen to 40 days. Moneyfacts suggested this was another sign the market may be settling down.

Williams added: “After three months at a record low of 28 days, the shelf life for mortgage products has risen to 40 days, giving would-be borrowers a much better chance of securing their chosen deal before it is withdrawn.

“This, coupled with overall average rates remaining quite static and availability continuing to improve, could imply the mortgage market is now the most stable it has been since the onset of the pandemic last year.”