Historically low current mortgage rates offer a positive outcome for borrowers.

Many UK home-owners have benefited from low mortgage rates because of the historically low BOE interest rate. Mortgage holders have been definite winners when it comes to low interest rates, savers though have not been so lucky.

The BOE base rate has remained unchanged at 0.50 per cent for the past 3 years and low mortgage rates have reflected this fact. Infact as the result of the low rates it is estimated that UK mortgage holders have saved over half a trillion pounds in mortgage payments. This works out at an average of £50,000 for every mortgage holder.

The BOE base rate looks likely to remain at 0.50 per cent for the rest of 2012, with some economists even predicting it could stay at this low level until 2016 which is good news for mortgage holders.

Those on tracker rate mortgages which were fixed before base rate fell are benefiting enormously. Pre-credit crunch lifetime trackers from lenders such as the Cheltenham & Gloucester were offered at 0.17 per cent above base. Those on such deals have seen their mortgage payments drop considerably.

Now the cost of an average 2 year fixed rate mortgage is around 1 per cent cheaper than in March 2009 and an average 3 year fix rate mortgage is just over 1 per cent cheaper.

The number of deals available at smaller deposit levels have also increased which is great news for anyone wanting a new mortgage deal.

As low mortgage rates could start to be impacted by increased bank funding costs now is the time to compare deals. Lenders quotes are valid for 6 months therefore get a good deal now through Deal Direct who will search the market on your behalf.