Research from Moneyfacts found that the number of deals has risen from eight in January 2014, to 22 in October, and currently stands at 77, meaning the sector has increased five-fold in just one year.
Additionally, the interest rates being offered have fallen to historic lows, with an average rate for a 10-year deal falling from 4.23% in January 2014 to just 4.17% today.
The data coincides with the announcement that Barclays is launching the UK’s lowest ever ten year fixed rate mortgage at 2.99%.
A recent report from the Bank of England’s Monetary Policy Committee forecast a rate increase in October this year. However industry experts such as CEBR have predicted a single interest rate rise of 0.25% as early as May, which would see homeowners across the UK paying an additional £101.33 on average.
