The number of available mortgage options for borrowers has increased for the first time since June this year, shows data from Moneyfacts.

Currently, at all LTVs, there are 2,404 fixed and variable mortgages to choose from, up from 2,259 in October – a rise of 145.

Broken down by LTV, from October to November the number of 90 per cent LTV products rose from 51 to 56, at 85 per cent LTV from 329 to 344, at 80 per cent LTV from 422 to 471 and, at 75 per cent LTV, from 534 to 577.

However, this is still far below the 5,077 total products on the market back in November 2019, the data shows.

At the same time as improving choice, average rates have continued to climb since July 2020.

The average two-year fixed rate now stands at 2.43 per cent compared to 1.99 in July. In November 2019, the average rate for a wo-year fix was 2.45 per cent.

The average five-year fixed rate today comes in at 2.70 per cent. In July it stood at 2.25 per cent and, in November 2019, 2.75 per cent.

Moneyfacts finance expert Eleanor Williams says: “It is notable that 63 per cent of the 145 additional products made available this month are offered in the 75 per cent LTV and 80 per cent LTV sectors, where product numbers increased by 43 and 49, respectively.

“Also demonstrating how fluid the mortgage market remains is the fact that the average shelf life for a mortgage product has reduced to 28 days, which is the lowest on Moneyfacts’ records since providers reacted to the Bank of England base rate increasing from 0.50 per cent to 0.75 per cent in August 2018.

“It is half the average shelf life we recorded of 56 days in February of this year and suggests that borrowers have a limited time to secure their product of choice.”