The average two-year fixed rate is at its lowest level in 12 months at 4.63%. The average three- and five-year fixed rate deals are 5.34% and 5.85% respectively.
The total number of mortgages on offer has jumped over the last six months from 1516 to 2382, almost double the all-time low of 1209 in April 2009.
But although the number of products available through the broker channel has also grown – from 633 to 1044 – only 44% of all deals are available through intermediaries.
The proportion of 90% LTV mortgages available through brokers has dropped in the last six months. There are currently 148 90% deals, but brokers can access just 29 of them.
Alan Lakey, principal of Highclere Financial Services, said: “The situation hasn’t improved and is in stark contrast to three years ago, when lenders had special deals through all sorts of channels.
The real problem is that many people are sitting on very good rates, and lenders are trying to drag as many of them as possible to the direct channel when they decide to move.”
But Darren Cook, spokesperson for Moneyfacts, is hopeful that access to products will improve for intermediaries: “We see a marginal return to a competitive market, and as a result, hopefully the demise of dual pricing.”
