Overall product choice across the mortgage market has jumped to 6,645 options in October, the first rise since July, according to new Moneyfacts data.

Apart from July (6,658) and August (6,657) this year, the current figure is the highest count since February 2008 (6,760).

Product numbers have also increased substantially over the past two years, with almost treble the products available now when compared to October 2022 (2,258).

Moneyfacts also revealed that the overall average two and five-year fixed rates fell between the start of September and the start of October, to 5.40% and 5.07%, respectively. These rates are now at their lowest level since May last year.

Finance expert at Moneyfacts, Rachel Springall, said that mortgage product choice bouncing back after two months of falls was an “encouraging sign for the market”.

“Lenders continued to cut fixed mortgage rates but there was a much calmer rotation of products, as the average shelf-life of a mortgage remained at 21 days,” she commented. “These moves show the promising attitude of lenders to draw in new customers, which may be even more pressing as we edge closer to any of their end of year targets.”

Springall added: “All eyes will be on the pending Budget and the next base rate decision day for borrowers but in the meantime, it would be wise for them to seek independent advice to explore the latest options.

“Lenders will no doubt be watching the markets closely, so they may react to changes suddenly. As a result, as we have seen in the past, some deals could be pulled as lenders try to assess their current margins.”

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