The Big Figure: 2.55 per cent

The average two-year fixed mortgage rate has decreased from 2.97 per cent to 2.55 per cent in just 12 months, while the average five-year fixed rate has dropped from 3.53 per cent to 3.19 per cent over the same period.

According to Moneyfacts, the buy-to-let market has seen a similar trend in rates and borrowing: the stamp duty changes have triggered a surge in buy-to-let borrowing, which has prompted providers to drop their rates to get the attention of would-be landlords.

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