More banks and building societies are offering sub-3% five-year fixed rates as the cost of funding of these mortgages remains highly competitive.
The number of sub-3% five-year fixes has increased substantially from 55 a year ago to 217 now, according to figures from Moneyfacts.co.uk.
Aaron Strutt, product manager at Trinity Financial, explains: “Fixed rate mortgages seem to be getting better almost on a weekly basis and there is huge demand for longer term deals.
"The lenders know that many borrowers are looking for payment security and they have responded with more products and even better rates.
"We are starting to see a shift towards a new benchmark of 2.5% for the lowest five-year fixes.”
If you would like help to secure a leading mortgage, call Trinity on 020 7016 0790.