The number of 95% LTV products on the market has rocketed from 34 in April this year to 112 as of the start of this month, Moneyfacts data shows.

Product numbers in all LTV categories from 60% LTV to the top end have increased across the same time period except at 80% LTV, the data adds.

This means that the total number of mortgage products on the market in May stands at 3,927, up from 3,842 in April.

Compared to May 2020’s number – 2,566 – this is a 53% rise in product choice.

“This growth compliments recent Bank of England figures, which show a boom in mortgage borrowing to levels not seen since prior to the financial crash,” says Moneyfacts finance expert Eleanor Williams.

She adds: “Borrowers considering a shorter-term fixed deal may be pleasantly surprised to see that the average overall two-year fixed rate for all LTVs reduced for the first time in nine months, dropping by 0.01% to 2.57%.

“However, the equivalent five-year fixed rate made a small rise of 0.02% to 2.79%, which may tie into the resurgence of higher LTV products, which traditionally carry higher rates.”

The data also shows that the average shelf life of all products has increased from 29 days to 32, which Moneyfacts says may be an indication of the “volatile” residential sector calming down.

“Lenders have been vocal of their confidence in the mortgage market as the UK lockdown eases, which is refreshing to see after the turmoil the pandemic created for home movers and those looking to switch their deal for all walks of life,” concludes Williams.