In June 10 deals existed with a rate below 1%, five of which were only available to those remortgaging, however, this figure has now risen to more than 50.

There has also been a rise in product availability for all types of mortgagees. It marks a significant turnaround since April when there were no mortgage products available with rates beneath 1%.

Sixteen products with rates below 1% are currently available for first-time buyers and home movers, with a further 18 available for those seeking to remortgage.

Jo Thornhill, money expert at MoneySuperMarket, commented: “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 remortgagors with low loan-to-value (LTV) ratios that can benefit: there are some great deals available for first-time buyers and home movers too.”