The average two-year mortgage rate has fallen over the past month from 2.52%, according to Moneyfacts data.

Rates are now only slightly higher than this time last year, when they stood at 2.22%, despite two increases to the  base rate.

The Bank of England kept the interest rates on hold in September, after raising the base rate to 0.75% in August.

And in November 2017, interest rates rose from 0.25% to 0.5%.

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The last time the base rate was above 0.5% was in February 2009 when it stood at 1%.

Barclays and Accord are among the lenders to have recently reduced rates.