In terms of rate moves, this week has been relatively subdued. However as Moneyfacts spokesperson Caitlyn Eastell points out, 15 lenders have adjusted their mortgage ranges this week, consisting of a mixture of rate increases, reductions and launches but there were also a small handful of withdrawals.

As a result, the average two-year rates have fallen by 0.01% and the average five-year fixed remains unchanged week-on-week.

There were only a few prominent brands to reduce selected fixed rates this week which included NatWest and RBS by up to 0.17% and Virgin Money buy up to 0.09%. HSBC have also extended end dates and increased selected cashback incentives by £750.

Building societies also made a few rate moves this week, those to increase fixed rates included Tipton & Coseley Building Society by up to 0.26%, Nottingham Building Society by up to 0.24% and withdrew a handful of fixed rates, Cumberland Building Society by up to 0.14% but also increased selected fixed rates by up to 0.10%, Leeds Building Society both increased and reduced by up to 0.05%.

Not to go unnoticed, The Co-operative Bank reduced selected fixed rates by up to 0.22% and increased by up to 0.16%, gen H increased its higher loan-to-value deals by up to 0.71%, Digital Mortgages by Atom bank reduced by up to 0.15%, The Mortgage Lender have increased by up to 0.20%. Melton Building Society have launched new two-year and five-year fixed mortgages and withdrawn a two-year option at 80% loan-to-value.

Eastell also highlighted some “eye-catching deals” to surface this week, including a new two-year fixed rate deal from The Co-operative Bank, priced at 5.26% until 30 November 2026 and available at 60% loan-to-value.

The deal includes an incentive package which consists of a free valuation and £250 cashback for all borrowers and to those remortgaging also receive free legal fees, additionally there is no product fee, which, Eastell suggests, may make this deal and ideal choice for borrowers looking to save on the upfront cost of their mortgage. There is also a five-year option charging 4.67% until 30 November 2024.

She concluded: “As expected by many, the Bank of England decided to hold base rate at 5.25%, this may be disappointing news for first-time buyers. However, with this week’s inflation announcement putting CPI at the Bank of England’s target of 2% it has called for a base cut as soon as August, this will be the first time since March 2020 when it was reduced to 0.1%.”