Overall product choice in the mortgage market has increased to 6,565 options, its highest level for 16 years, new data from Moneyfacts has shown.

The latest figure is the highest number of mortgage products available on the market since there were 6,760 options in February 2008.

Moneyfacts also reported that the overall average on two and five-year fixed rates increased from the start of April to the start of May, to 5.91% and 5.48% respectively. The average two-year fixed rate now stands 0.43% higher than the five-year equivalent, which is the biggest difference seen in six months – it was also 0.43% in November last year.

The average standard variable rate (SVR) remained at 8.18%, just shy of the highest recorded (8.19%) during November and December 2023.

“As reported last month, overall product availability is at its highest point in over 16 years, and another month-on-month growth, of 258 deals, is positive to see this month, but it fell short of the bumper 303 rise recorded the month prior,” finance expert at Moneyfacts, Rachel Springall, commented.

Moneyfacts’ figures also revealed that the availability of deals at the 90% loan-to-value (LTV) tier increased for a third consecutive month to 791, now at its highest point in over 16 years since the figure totalled 957 in March 2008.

The number of deals at 95% LTV climbed for a fifth consecutive month (347) and stands at its highest count in almost two years (347 in June 2022).

Springall added: “This thriving product availability is widespread across the underlining LTV tiers, including those at 90% and 95%, so lenders are still improving choice for those with limited deposits or equity.”

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