With first-time buyers being the vital element that keeps the mortgage market alive, lenders participated in fierce competition to attract new customers to their fixed rate products throughout 2019. This resulted in the fixed rate sector seeing the largest interest rate cuts last year. The biggest drop was associated with the 10-year fixed deals which would have helped to sustain the first-time buyer market. These longer fixed terms offer some security for those stepping onto the housing ladder and the challenge will be finding out at the end of the term whether they’ll be able to shop around when the time comes to re-mortgage. See the Moneyfacts research and mortgage analysis here.