Cash point

The number of mortgage deals has risen for the 15th month in a row, with 4,657 products now on offer.

Analysis from data firm Moneyfacts shows this is the highest number since March 2008 when there were 6,192 home loans on the market.

Numbers were boosted this month by several lenders entering the threeyear fixed-rate market. An extra 48 products were launched, taking the total to 439.

Talk of a potential base rate rise on the cards and an excellent choice of deals could mean it’s time to look at fixing longer term to protect against repayment hikes.

The best two-year fixed deal is Yorkshire Building Society’s 0.99%, but it’s only for chunky 40% deposits and comes with a hefty £1,495 fee.

That’s compared to HSBC’s 1.39% for three years and 1.59% for five years, both on 40% deposits with £999 fee.

For those with smaller 20% deposits, First Direct offers a two-year fix at 1.24% with £1,450 fee, while Sainsbury’s bank offers the same with £995 fee. HSBC has a three-year fix at 1.64% and five-year at 1.94%, both with £999 fee.

Charlotte Nelson, finance expert at Moneyfacts, said: “The number of deals has increased by 61% in just five years.”