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Ensure you get best mortgage in low-rate environment

For example, Northern Rock’s average mortgage rate dropped 0.27% compared to Alliance & Leicester which fell by 2.30%.

Commenting on these rate changes, Hannah Skenfield, mortgage channel manager at moneysupermarket.com, said: "The Bank of England Base Rate has dropped by 4.5% since August last year, however despite this low-rate environment there is a significant disparity in the amount of this saving being passed on to mortgage borrowers by the main UK lenders. 

"This further illustrates the divorce between mortgage rates and the Base Rate and with the variance in average rates offered this year widening to 2.5% compared with just 0.93% in 2008, shopping around for the best deal is more important than ever before." 

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