What product should I choose?

When purchasing a property it can be hard to know how long to fix your mortgage terms for. Some will fix for two years in the hope of remortgaging to a better product in 24 months. However, the current cheapest deal in history is a five year fixed deal from TSB, offering 1.34% on a 60 per cent loan-to-value; an investors safe haven. With this in mind, buyers might be tempted to lengthen their fixed mortgage terms, and with good reason.

Moneyfacts also found that in some areas, the mortgage market is starting to show green shoots of recovery as lenders tentatively begin reintroducing deals.

Williams said: ‘We are now beginning to see lenders relaunching products within their ranges, and some providers have eased the loan-to-value caps they put in place early in the crisis.

‘Mortgage lenders are still open for business and, for those eligible, rates are low.’

‘People can lock into a low rate now,’ she added, though lenders may not keep rates so cheap as activity in the housing market begins to increase again.