Analysis by independent financial research company Defaqto has found that those able to secure mortgage finance can access significantly better deals now than when the base rate reduced to 0.50% in March 2009.

According to Defaqto data, average mortgage rates have fallen markedly over the period and this equates to notable reductions in mortgage costs for those people taking out a mortgage today compared to March 2009.

David Black, Defaqto’s insight analyst for banking, said: “The current economic climate has made it extremely difficult for people to borrow