Mortgages available at 95% loan-to-value stand at the highest point since before Kwasi Kwarteng’s fiscal announcement of September 2022.

This is according to data from the latest Moneyfacts UK Mortgage Trends Treasury Report which reveals a thriving choice of mortgage options.

The report shows that the number of deals at 95% loan-to-value (LTV) has risen to its highest point (254) since before the fiscal announcement (274 deals at the start of September 2022).

The number of options at 90% LTV rose month-on-month and stands at its highest count (709) since February 2022 (735).

Product choice overall rose month-on-month, for a fourth consecutive month, to 5,678 options, the highest level of availability in over 15 years. The last time there were more deals available was March 2008 (6,192 products).

The average shelf-life of a mortgage product rose to 20 days, which is its highest since June 2023 (22 days). This has now increased for four consecutive months from a low of 12 days in July, which was the shortest average shelf-life on Moneyfacts’ records.

Average fixed mortgage rates across all LTV tiers on two- and five-year fixed rate deals fell for a third consecutive month.

The overall average two- and five-year fixed rates fell between the start of October and the start of November, to 6.29% and 5.86% respectively. The average two-year fixed rate stands at 0.43% higher than the average five-year equivalent, a narrower gap than the 0.50% difference last month.

The average ‘revert to’ rate or Standard Variable Rate (SVR) rose once more. At 8.19%, this rate is at the highest level on Moneyfacts’ electronic records (starting July 2007).

The average two-year tracker variable mortgage rate fell month-on-month to stand at 6.15%.

Commenting on the latest numbers Moneyfacts finance expert Rachel Springall says: “Reduced volatility in the market from lenders during October was prevalent, with the average shelf-life of deals rising to 20 days on average, up from 16 days a month previously – edging further away from the record low of 12 days that was recorded in July 2023.

“These are promising signs that the market is settling and could result in more time for borrowers to take advantage of new offers”.

She adds: “However, there is no telling how long this may last, as there are growing expectations for fixed rates to fall further, and this could impact the shelf-life of competitively priced deals. Lenders will need to carefully balance their pricing and consider any end-of-year targets they expect to hit.