The number of low LTV five-year mortgage products has outpaced the number of two-year offerings, according to Moneyfacts.

Data collected by the firm shows that there are 610 five-year products available at up to 75 per cent LTV. In comparison, there are 592 two-year products available at the same tier.

Moneyfacts says that five years ago, the number of two-year fixed rate deals available outnumbered five-year deals by 148 products.

Moneyfacts finance expert Darren Cook says: “It is clear from our analysis that over the past five years, the availability of five-year fixed rate mortgages has grown at a quicker pace than the two-year fixed rate availability for lower LTV products.

“Intense competition among mortgage providers seems to have resulted in the two-year fixed rate market becoming saturated, margins becoming squeezed and mortgage providers looking to entice borrowers to consider a longer five-year fixed rate deal as an alternative.

“Healthy competition within the five-year fixed mortgage rate market is good news for borrowers, as an increase in the number of available products will generally push rates down and introduce longer-term options that borrowers may have not previously considered.

“Historically, borrowers seemed to have preferred the short-term commitment of a two-year fixed rate deal, but now that product availability has significantly increased in the longer-term five-year mortgage market, borrowers may be looking beyond interest rates and more towards the stability of setting monthly mortgage repayments and hedging themselves against uncertain economic conditions in the longer term.”