Mortgage rates are currently as much as 41% lower than a year ago, new research has shown.

Technology firm Mortgage Brain said a two-year tracker rate at 60% loan-to-value is now 41% cheaper than at the start of 2014, falling 41% to reach 0.99%.

The same product at 90% loan-to-value was a third cheaper at the beginning of 2015 than a year ago, with rates available from 2.45%.

Both two- and five-year fixes for borrowers with a 40% deposit were down year-on-year while first-time buyers looking to lock in have seen rates drop by up to a quarter.

However, it wasn’t all good news for borrowers with five-year trackers at 60% loan-to-value rocketing 60% over the last 12 months.

Mark Lofthouse, CEO of Mortgage Brain, said increased competition between lenders had stimulated much of the market.

“The drop in mortgage rates, when compared to this time last year – and in some cases this time two years ago – is welcome news to a lot of today’s potential homebuyers or those currently looking to re-mortgage their property,” he said.

“With the majority of forecasters predicting a rise in base rates in 2015 it will be interesting to see what actually happens, and which way things move, over the course of the next 12 months.”