The number of mortgage products on offer have more than doubled in the space of a year as the market slowly starts to stabilise, a new report by Moneyfacts reveals.

According to its latest UK Mortgage Trends Treasury Report, there are now 5,338 options for borrowers – the highest amount since February 2022.

The average shelf life of a mortgage deal has also stabilised at 15 days.

The number of products available within the 85% LTV tier have risen notably by 74 to 868 – the highest level for 16 years.

Meanwhile, average two- and five-year fixed rates fell between the start of August and the start of September, to 6.70% and 6.19% respectively.

The average two-year fixed rate stands at 0.51% higher than the average five-year equivalent, while the average two-year tracker variable mortgage rate rose month-on-month to stand at 6.25%.

The average ‘revert to’ rate or Standard Variable Rate (SVR) continued to climb.

At 8.09%, this rate is at its highest level since Moneyfacts’ electronic records began in 2007.

Moneyfacts finance expert Rachel Springall says that as a result, borrowers who are about to come off a fixed rate deal may now wish to explore their options to refinance.

She adds: “As average fixed rates start to fall and the average SVR rises, the incentive to lock into a fixed rate deal increases.

“The average two-year fixed rate in September 2021 stood at 2.38% and, based on a £200,000 mortgage over 25 years, monthly mortgage payments at this rate would have been £885.

“The equivalent payment at today’s average SVR of 8.09% would be £1,556, a near £700 monthly increase.

“As average fixed rates remain at levels not seen since the years following the 2007 financial crisis, borrowers may wish to consider other options, such as tracker mortgages, so seeking advice to navigate deals is essential.

“It will be interesting to see how the mortgage market improves in the weeks to come, particularly if SWAP rates fall, as lenders may then cut their fixed rate deals as a result. “