With a new government in post, inflation at its target 2%, and the Bank of England seemingly on the brink of cutting interest rates, the outlook for mortgage borrowers is the most promising it has been in a few years.

For now, however, despite some reductions in fixed mortgage rates since June, two and five-year fixed rates remain at a much higher level than they have been in recent history. 

The Bank of England has kept its benchmark Bank Rate at 5.25% since August last year, when it reached a 16-year high. This has meant much higher borrowing rates for first-time buyers and those remortgaging away from low fixed rates.

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