Average two- and 10-year fixed rate mortgages are higher than a year ago, according to Moneyfacts, but the average five-year fixed rate mortgage is slightly lower.

The financial information provider said that interest rates on mortgages have fluctuated during 2020, with two- and five-year fixed rates dropping to record lows in July before rising again.

Borrowers on their lender’s standard variable rate (SVR) can save over £3,600 by switching to a two-year fixed deal, based on average rates, even though the average SVR sits at a record low.

The average two-year fixed rate is now 2.49%, and borrowers can fix for five years at an average 2.69%.

Those looking to lock into a 10-year fixed rate will pay on average 2.85%, while the average standard variable rate is now 4.41%.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “It’s unclear to see whether mortgage borrowers are the interest rate winners of 2020. Due to two base rate cuts, those borrowers on a variable rate mortgage which is linked to the Bank of England base rate will have seen their monthly repayments fall, but these interest rate winners could do better by switching to a fixed rate. However, despite Coronavirus impacting all types of borrowers, the incentive to switch deals remains.

“Seeking independent financial advice is still a wise move for any borrower hoping to navigate the mortgage maze. It is too early to tell what might impact the mortgage market in 2021, but there may well be a rush of applications to take advantage of the stamp duty relief. Lenders will have to continue to work hard to retain existing customers throughout next year and carefully assess the impact of taking on new borrowers in these challenging times.”