Cash point

The number of tracker rate mortgage products has fallen to the lowest since September 2009.

In July 2017, there were 296 mortgage deals that tracked the base rate. Since the Bank of England announced a rate rise in November that figure has fallen to 268, according to data from Moneyfacts.

During uncertain times, borrowers don’t want to leave themselves vulnerable to rate hikes – so fixed rate deals become more popular, while lenders also prefer stability.

The best two-year tracker deals include Barclays’ 0.74% above base rate (currently 1.24%) on 40% deposits with £1,999 fee; HSBC’s 0.84% above base rate on 30% deposits with £999 fee, and Coventry Building Society’s Lifetime tracker at 1.3% above base rate on 25% deposits with £999 fee.

That’s compared to two-year fixes from Santander at 1.09% on 25% deposits, with a hefty £1,499 fee and Sainsbury’s 1.19% on 40% deposits with £745 fee.

Five-year fixes include Principality Building Society’s 1.65% on 35% deposits with £1,395 fee, and Metro Bank’s 1.74% on 40% deposits with £999 fee. Charlotte Nelson, of Moneyfacts, said: “Talk of multiple base rate rises has started to become more than just gossip and it is making the tracker rate market unstable.”