The lowest available mortgage rate is now a 2-year fixed rate with a 60% LTV according to Rightmove’s weekly mortgage tracker.

Matt Smith, Rightmove's mortgage expert, said: “Average mortgage rates at the top-end of the market have fallen more quickly than for those with the smallest deposits over the past year. Someone with a 10% deposit is still looking at an average 5-year mortgage rate of 4.91%, only slightly down from 4.99% at this time last year. 

“By contrast, today someone with a 40% deposit is now looking at an average 5-year mortgage rate of 4.20%, down from 4.36% - and we are still seeing some products below the 4% mark in this bracket. 

“So while borrowing power has improved for first-time buyers, higher, and slower falling, mortgage rates for those with smaller deposits is still stretching affordability.” 

The 2-year fixed rate mortgage sits at 3.86%, down 0.09% from the previous week and 0.6% from 12 months ago and is provide by Podium.