Related topic: Mortgage rates

Of those who have a mortgage and switched banks, 41% did so to get a better mortgage rate deal and 30% did it to receive an incentive related to their mortgage.

The Society has also reduced rates across its ranges.

A 0.25% rise on a typical two-year fixed rate mortgage would add around £38 to monthly mortgage repayments.

The specialist lender has also launched a limited edition remortgage range with no application fees and free valuations.

The lender has reduced rates by up to 0.25% across selected purchase, remortgage and product transfer options.

Fixed rate pricing now starts from 3.40%.

The effective interest rate paid on new mortgages jumped again to 4.45%.

The latest reductions cover the bank's first-time buyer, home mover and remortgage ranges.

The Bank has also increased maximum exposure for portfolio landlords to 10 buy-to-let loans and £3m per applicant.

Steve Cox, chief commercial officer at Fleet Mortgages, says that while price determines how much the finance costs, criteria can determine whether a landlord is able to secure that...