Data from Moneyfacts.co.uk revealed the average fixed rate – in all loan-to-value tiers – has fallen by more than 0.5% over the past four months, a trend which is shown in both fee-charging and non-fee deals.

Indeed, the figures show those products with a fee have seen rates plunge by 0.59% since the BoEs cuts. Meanwhile the average rate charged on fixed rate products with no fee has reduced by 0.52%.

It means these products now have average rates of at 2.30% and 2.28% respectively.

What’s more, Moneyfacts said the average standard variable rate (SVR) that customers may revert to at the end of a deal now sits at 4.48%, having decreased by 0.42% since the start of March.

At the same time, the data analysts revealed, while fees being charged remained at a similar level to start of March, there were more products offering fees and there had also been an increase in the number of products with incentive packages.

Eleanor Williams, finance expert at Moneyfacts.co.uk, explained: “Over this time period, there has been a 5% increase in the proportion of deals that offer free or refunded legal fees, a 7% rise in the percentage of the market where a free of refunded valuation is on offer, and a 2% increase in the proportion of the market where cashback is available.

“These changes suggest that despite operational difficulties and economic uncertainty, lenders are not just competing on rate, but are also tailoring their overall packages to entice borrowers too.”

Fixed-rate mortgage analysis (source: Moneyfacts.co.uk)