The latest data from Mortgage Brain shows that the majority of mainstream mortgages have come down in cost over the past three months.

Mortgage Brain’s quarterly product data analysis – a breakdown of all main product types in the UK mortgage market for a repayment mortgage – is calculated by cost per ‘£000’, and shows that the cost of a five year fixed with a 70% LTV is now 2% lower than it was at the beginning of April 2017.

With a current rate of 2.04% (as of 1st July 2017), the 2% reduction in cost equates to an annualised saving of £144 over the past three months, or £450 when compared to this time last year on a £150,000 mortgage.

The cost of a 70% LTV two year tracker and a 70% and 80% LTV three year fixed mortgage have also come down by 2% over the past quarter and offer borrowers potential annual savings of up to £396.

A slight drop in cost has also been recorded for a two year fixed (60, 70 and 80% LTV), an 80% LTV two year tracker and a 60% LTV five year fixed, which are all now 1% lower than they were in April.

Mark Lofthouse, CEO of Mortgage Brain, said: “Although the reductions in costs over the past three months are relatively small, they do follow a period of stability and should be welcome news to a lot of today’s potential homebuyers or those looking to re-mortgage.

“Our longer term analysis of the most popular mainstream mortgages also shows a strong mix of rate and cost reductions which means that borrowers looking to take out a mortgage today can benefit from lower monthly repayments.”