fixed-rate products

According to Andy Pratt, chief operating officer at Alexander Hall, doing so would enable consumers to control their outgoings as they would know exactly how much they will be expected to pay off their home loan on a monthly basis for as long as the deal lasts.

He said: "[Currently there] are rates which were quite difficult to get hold of a couple of years ago so why not be secure in what you know?

"If you can secure yourself on that on a three or four-year deal then you know exactly what's going to happen and you can control your spending."

However, he cautioned that homeowners should be "very careful" when choosing a product as not all consumers are eligible for the best deals.

Recently, Moneyfacts.co.uk reported that the average bank's two-year fixed-rate mortgage deal stands at 4.66 per cent this month.