Their figures also show that more people are relying on private landlords to rent a property.
Moneyfacts said that those looking for a mortgage now would be substantially better off than they would have been if they had searched for a mortgage six months ago.
David Hollingworth at Mortgage broker London & Country said: "Mortgage rates are astonishingly low at the moment. Anyone that has failed to review their mortgage recently should really take another look as there could be an opportunity to slash their mortgage payments by switching to a new deal."
However, first-time buyers are still struggling to raise the funds required. The government's recent housing survey supports this, showing that the number of first-time buyers has fallen from 857,000 in 1995 to 564,000 in 2015. The average first-time buyer's age has increased from 30 to 33 in that time.
Source: BBC
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