Home owners are now paying the cheapest mortgage rates in history.
They could be saving £100 a month on their mortgages, after the drastic plummet in rates since this time last year.
Those with a 40 per cent desposit would have been paying £616.25 on a mortgage of £150,000.
However, now they will be paying only £583.14.Related articles
GETTYProperty news: Mortgage rates at record low with fixed rate deals at 1.26 per cent
Mortgage rates are at an all-time low with fixed rate deals at 1.26 per cent
The drop in rates in down to sub-one per cent mortgage deals, which have forced the rate down.
The sharp rise in this sort of deal steams from lenders making rates cheaper for home owners, to fill the gap caused by buy-to-let landlords, who are dwindling in number.
This is due to the Government plans to make it more difficult for landlords on the buy-to-let market.
Now lenders are forced to attract more people to the property market and are using very low rates to do so.
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Mortgage advice from the Money Saving Expert Martin Lewis
GETTYProperty news: Home owners are now paying the cheapest mortgage rates in history