Just 10 sub-1pc mortgage deals remain

Katie Brain of Defaqto, another analyst, said: “We won’t be getting this type of deal back any time soon. Borrowers who are close to buying or remortgaging should lock into a mortgage deal sooner rather than later. There are still some good deals to be had in the market, even if not below 1pc.”

The development comes amid a growing cost of living crisis, with tax rises on the way and the worst inflation in a generation.

Rachel Springall of Moneyfacts said: “Bank Rate is expected to rise again this year and could well cause lenders to pass on increases to their fixed-rate range, not just to borrowers with a variable rate. We could see sub-1pc fixed deals disappear altogether.”

Britain’s biggest building society, Nationwide, last week said it was increasing rates on some of its deals by three times the rise in Bank Rate.

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