Fixed rates accounted for only 29% of all purchases and remortgages in November, according to Mortgageforce.

Basing its analysis on its own sales figures, Mortgageforce has reported that borrowers are becoming less interested in fixed rates every month by about 9% of the market share.

Katie Tucker, technical manager for Mortgageforce, said: “The choice between a fixed rate and a variable rate is more personal now than ever the advantage in the price difference is cancelled out by the likelihood of Bank rate being increased in the next two years.