The number of deals available across the fixed-rate mortgage market has recovered to pre-pandemic levels, analysis has found.
Some 2,488 fixed-rate mortgages are on the market, which is just over the 2,479 deals available in March 2020, according to financial data firm Defaqto.
The number of products shrank dramatically last year as the coronavirus pandemic struck.
Lenders were concerned about the potential for house price falls in the uncertain economy, as well as borrowers’ incomes being hit.
Back in April 2020, there were just 1,390 fixed-rate deals available, with many low-deposit mortgages being pulled.
In April last year, there were just 455 fixed-rate deals for first-time buyers.
Now, there are 857 mortgages available for first-time buyers, of which 112 are for those with a 10% deposit or less, Defaqto said.
It added that there are now more products available for those looking for a fixed rate at 80% and 85% LTV (loan-to-value) than there were before the pandemic.
Ultra-low deposit products at 90% and 95% LTV are returning to the market but are still at nowhere near the levels before the pandemic, it added.
Borrowers with bigger deposits also have a choice of deals available with rates below 1%.
Ten providers have recently launched two-year fixed products below 1%, Defaqto said.
Katie Brain, consumer banking expert at Defaqto said: “It is great to see so many mortgage products available to borrowers.
“Many who were looking to move last year had to put their plans on hold during the pandemic as loans disappeared from the market.
“First-time buyers were hit hardest as the small deposit mortgages were all withdrawn. This part of the market still has yet to recover but overall the number of fixed rate products is back to pre-pandemic levels.
“This is good news for borrowers as more mortgages means more choice.”