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Experts at money.co.uk say the likely interest rate cut means the mortgage market could get even more competitive - providing new opportunities for those seeking a first time mortgage or looking to switch.

Sarah Guershon, mortgage expert at money.co.uk said: "The market is extremely competitive at the moment and rates have remained consistently low. The good news is that if the base rate does drop, as looks likely, this could be reflected in a mortgage rate drop too." Official figures yesterday showed inflation fell to a three-year low of 1.3 per cent in December - well below the Bank's 2 per cent target - fuelling talk of a rate cut to kick-start the economy. Interest Rates have been at or close to record lows since the financial crisis more than a decade ago, and now stand at 0.75 per cent. And ultra-low rates have been a boon for borrowers.

Top tips to get the right mortgage for you:

Work out what kind of mortgage you need:

There's no one size fits all for mortgages so look at all your options before committing. Locking into a longer term fixed deal (5 to 10 years) when rates are cheap will give you confidence your repayments will stay the same for years to come.

But this isn't the right option for everyone. Plus, if rates drop further and you're stuck on a long fixed rate deal, you could miss out on paying less.

Do not just go to your bank or building society

It can be tempting to go with your current bank or building society, but the rates may not be the best out there.

Shop around because you could save a lot by using a different lender. Loyalty is not generally rewarded in the banking world with some of the best deals only available to new customers.

Compare mortgage deals

Use online comparison sites to help you find the right deal or speak to an independent mortgage broker. You can do this for free.

Look at all costs before applying

You need to consider fees as well as the advertised interest rates. Some lenders make up for the low interest rates by charging high fees, which can be as much as £2,500.

The fees could make all the difference to how much you pay each month, because they're often added to the total mortgage debt. Work out the overall costs before you apply, whether you're getting a mortgage for the first time or remortgaging.

Check affordability

Use a calculator to see how much you could borrow if you're moving or buying your first home http://www.money.co.uk/mortgages/how-much-can-i-borrow.htm Check out our mortgage deals here *https://www.ft.com/content/13ecaf40-377e-11ea-a6d3-9a26f8c3cba4

Press@money.co.uk