90% LTV product choice doubles as lenders return to market

The number of residential mortgage products has risen for the third consecutive month, the highest availability recorded since April 2020 as the impact of the pandemic was beginning to be felt, the latest Moneyfacts data shows.

The largest monthly growth in availability was at 90% LTV, where the number of products almost doubled, increasing by 72 to 160, the highest seen since June 2020.

Those with higher levels of equity or deposit have also seen an improvement. At 75% LTV, availability rose to 629 deals, the highest level seen since July 2020.

The average two-year fixed rate for all LTVs increased for the sixth consecutive month, rising by 0.03% to 2.52% – the highest this rate has been since January 2019 when it was also 2.52%. This is now 0.08% higher year-on-year and is an increase of 0.53% compared to the record low of July 2020.

The equivalent five-year average fixed rate also increased this month. However, at 2.71%, this remains lower than the 2.74% seen this time last year, but is still a rise of 0.46% compared to the low of July.

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