According to Moneyfacts.co.uk data also published today, the average two-year fixed rate is sitting at 2.53%, broadly the same level as one month ago before the Bank of England hike.

This suggests lenders have not taken any drastic pricing action on fixed rates since moentary policymakers raised the base rate.

Sainsbury’s Bank is now offering a five-year rate of 2.3% at 90% loan to value (LTV) with a £995 fee and 2.49% without a fee – both come with £250 cashback.

Among the new deals there is also a two-year fix at 1.48% at 60% LTV and a five-year rate at 85% LTV at 2.14%, both with £995 product fees.

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Lender rate cuts

A number of lenders have reduced fixed mortgage rates, despite the Bank of England raising the base rate to 0.75% earlier this month.

Leeds Building Society has this week dropped the rate on its 10-year fix to 2.59% at 75% LTV.

And Nationwide trimmed select fixes at higher LTVs, while Pepper Money has also cut rates and TML reduced certain buy-to-let rates.