Mortgage rates at record lows – the two factors to check first when getting a mortgage now

“This means consumers whose current mortgage deals end within the next six months can apply for some of the cheapest ever rates now, get their mortgage offer in the next few weeks but have it valid until maybe the end of October.

“Should rates fall even lower (unlikely but possible) then they may be able to switch to the new product prior to completion and if rates rise then they will be very glad they got their application in when they did.”

These factors could be important to look out for, Mr Morrey said.

“Consumers should check for both these features prior to signing up: how long the mortgage offer is valid for, and can they switch product during the application process up until completion,” he said.