But the battle between mortgage lenders has intensified in recent months as banks and building societies compete on rate, volume and product type.

According to market commentators a key target area for lenders will be the baby-boomer generation, which in April was given access to large deposits by being allowed to cash in their pensions.

It is therefore no coincidence that at the same time several big name lenders release longer-term fixed rate mortgages at low rates.

Others point to market moves facilitating the price competition, with bank swap rates at helpfully low levels and commentary suggesting a rate rise is less imminent than might have been thought by this point in the cycle.

This guide will look at the pros and cons of five-year plus fixed rate mortgages; who this type of loan might suit; how to calculate the cost of such security; and whether these low cost long-term mortgages are set to be a long-term fixture of the market or just a short-term enticing offer.

Supporting material was provided by: David Hollingworth, associate director for communications at London & Country Mortgages; Dale Jannels, managing director of Atom; Tracie Pearce, head of mortgages at HSBC; Ray Boulger, senior technical manager at broker John Charcol; Calum Bennie, savings expert at Scottish Friendly; Charlotte Nelson, press officer of Moneyfacts; and Martin Reynolds, chief executive of Simplybiz Mortgages.