THE choice of mortgages has recovered to around three-quarters of the levels seen before the coronavirus pandemic took its toll on the market, analysis has found.
The recent reappearance of some low-deposit deals has helped to boost the selection of products, according to financial information website Moneyfacts.co.uk.
In the early days of the crisis last year, many low deposit deals in particular vanished as lenders' fears around "riskier" mortgages grew.
But Eleanor Williams, a finance expert at Moneyfacts, said 29 more 5 per cent deposit mortgages had become available over the past month, taking the total number of deals in this bracket to 34.
And a new Government-backed 5 per cent deposit mortgage scheme is set to launch later this month.
Moneyfacts found that the choice of mortgage products across the market generally now stands at 74 per cent of what it was before the coronavirus crisis had a significant impact on the market.
There are now 3,842 "live" deals to choose from, marking the widest level of choice since there were 5,222 products back in March 2020.
However, borrowers may need to watch out for the fees that come with products.
Moneyfacts said that, among deals with fees attached, the average fee now stands at £1,053, marking the highest amount since November 2012, when it was £1,107.
And adding a note of caution to those with a 5 per cent deposit, Ms Williams said: "Borrowers may wish to note that the average two-year fixed rate at 95 per cent LTV (loan-to-value) is currently 4.47 per cent, a full 1 per cent above the corresponding rate this time last year, while the average five-year equivalent at 4.32 per cent is 0.42 per cent higher year-on-year.
"Due to this, some may elect to wait until more providers and products are available to them."
