Over 200 new products were introduced in May 2011, an increase of 2%, which brought the total number of live mortgage products to 11,996, its highest level since May 2008.
There was a 5% increase in tracker deals during the month up to 3,057 products, while fixed rate deals increased by 2% to 7,695.
Meanwhile, the total number of variable rate products dropped by 0.3% to reach 1,244 products.
The report shows there are now almost 4,500 more products available to mortgage intermediaries than there were six months ago, representing a 60% rise in overall product availability.
Furthermore, there has been a rise of 184% in the availability of buy-to-let products in the last six months, and an increase of 35% in mortgages deals with an LTV ratio of 80% or more.
Mark Lofthouse, chief executive officer at Mortgage Brain, says: “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.”
He adds that strong increases in availability have been seen across the board over the past six months, meaning intermediaries have opportunities to source and advise on a greater variety of products.