Mortgage costs and rates fell during the second quarter of the year, according to the latest figures.

Mortgage Brain’s quarterly product data analysis, which provides a breakdown of all main product types in the UK mortgage market for a repayment mortgage, shows that the cost of a five-year fixed rate deal at 70% loan-to-value (LTV) is now 2% lower than it was at the start of April 2017.

With a current rate of 2.04%, the 2% reduction in cost equates to an annualised saving of £144 over the past three months, or £450 when compared to this time last year on a £150,000 mortgage.

The cost of a 70% LTV two-year tracker and a 70% and 80% LTV three-year fixed mortgage have also come down by 2% over the past quarter and offer borrowers potential annual savings of up to £396.

A marginal decline in cost has also been recorded for a two-year fixed rate product at 60%, 70% and 80% LTV, an 80% LTV two-year tracker and a 60% LTV five-year fixed rate product, which are all now 1% lower than they were in April.

Mark Lofthouse, CEO of Mortgage Brain, said: “Although the reductions in costs over the past three months are relatively small, they do follow a period of stability and should be welcome news to a lot of today’s potential homebuyers or those looking to re-mortgage.

“Our longer term analysis of the most popular mainstream mortgages also shows a strong mix of rate and cost reductions which means that borrowers looking to take out a mortgage today can benefit from lower monthly repayments.”