The number of mortgage products on the market has increased by 60% in May this year, compared with the same month six months previously.
More than 200 new mortgage products have now been launched, according to monthly product analysis from Mortgage Brain.
New product launches for May were up by 2% taking the total number of mortgage products available to the market to nearly 12,000.
An increase in tracker mortgages helped push the figures up, as an extra 5% were made available, taking the total number of tracker mortgages to 3,057.
Fixed rate mortgages were also up by 2%, the third time in three months a 2% increase had been seen, as over 7,500 fixed rate mortgages are now available to the market.
Variable rate products did fall by 0.3% last month, and there are now just 1,244 variable rate products available, although Buy to Let mortgages saw the biggest increase, with 184% more products available than 6 months ago.
Mortgage Brain chief executive, Matt Lofthouse explained, “Reaching a three year high in terms of overall product availability is a significant milestone and shows, once again, that the UK mortgage market is continuing to move in the right direction for the benefit of intermediaries and borrowers.
“With strong rises – particularly over the past six months – being seen across the board, it seems that most sectors are being catered for by product providers, which gives intermediaries more opportunities to source and advise on a greater variety of products.”