The number of mortgage deals with rates below 1% has increased fivefold from 10 products in June to 50 today, analysis by MoneySuperMarket has found.

The surge in sub-1% deals has been sudden as in April there were none.

First-time buyers, home movers and those remortgaging can all now benefit from rock bottom rates.

MoneySuperMarket says that there are 16 products with rates below 1% that are available to first-time buyers and home movers, with a further 18 available for remortgages.                                        

MoneySuperMarket money expert Jo Thornhill says: “Our insights reveal that now is a historically good time to be on the look out for a new mortgage deal.  

“Just six months ago, securing a mortgage rate of 1.5% to 2% would have been viewed as a real success but the past four months have seen borrowing get even cheaper, with the availability of deals with rates lower than 1% quadrupling.  

“Mortgages haven’t been this cheap for many years and the great news is that it’s not just borrowers remortgaging with low loan to value (LTV) ratios that can benefit: there are some great deals available for first time buyers and home movers too.

“If you’re in the market for a mortgage, make sure you shop around carefully and search for a product that meets your needs. 

“Think carefully about whether you can afford the repayments and try to build as big a deposit as possible as a large deposit can open the door to lower interest rate deals.”