The total number of mortgage products hit a post-recession high of more than 13,500 in April.
Average mortgage rates continue to fall, although the premium for five-year fixed rates has risen in recent weeks.
Mortgage applications were up 22% in the year to April as the General Election failed to halt homeowning aspirations, according to the National Mortgage Index from Mortgage Advice Bureau.
One year after the Mortgage Market Review (MMR) was introduced, the total number of mortgage products has risen 19% from 11,416 to 13,539, a leap of 2,123.
That is the highest number available on the market since the 2008 recession.
The figures suggest consumer choice has not been as restricted by MMR as first anticipated.
Mortgage products available through intermediaries in particular have risen significantly over the past 12 months, up 17% from 7,942 in April 2014 to 9,309.
This compares to 4,230 direct-only mortgages, as lenders increasingly make their products available through mortgage brokers.
Mortgage rates have been falling steadily over the past six months, and April's index suggests these are yet to have hit the bottom of the curve.
According to data from Moneyfacts.co.uk, average two-year fixed rates fell below 3% to 2.95% for the first time in April.
Both three and five-year fixed rates have never been lower.
But the pricing gap between a three and five-year fixed rate product has widened from seven basis points in April 2014 to 25 points
Brian Murphy, head of lending at Mortgage Advice Bureau, said: "Consumers have been benefiting from record low mortgage rates for some time now, and product availability has continued to improve.
"A low interest rate environment - plus extra initiatives such as stamp duty reform - has certainly helped to make affordability conditions better for consumers, despite the borrowing limits introduced by the MMR.
"However, while mortgage products are certainly now more competitively priced, borrowers will find they are paying a greater premium for the security of a five-year fix.
"With an interest rate rise forecast for 2016, it's unsurprising that lenders are building in this cushion to longer-term fixed products to avoid under-pricing in the long run."
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