Rachael Hunnisett believes that many people want to step away from “the roulette wheel” of short-term fixed-rate deals.

“There is a cohort who just do not want to take that level of risk with their home,” she said, arguing that everyday payments, like children’s activities, are affected if borrowers find themselves having to pay a higher rate after two years.

She is the director of mortgage distribution at April Mortgages, which provides 10 and 15-year mortgages. The rates are generally higher, but the certainty of payments she feels is a selling point.

The company is now offering home loans at seven times a borrower’s income, which is higher than for many shorter-term loans.

Brokers say this is one example of a host of lenders competing by potentially allowing customers more flexibility to borrow larger amounts, particularly first-time buyers.

They also point to the UK’s biggest building society, the Nationwide, making changes earlier in the week that offered improved rates to those remortgaging – another sign of greater competition.

David Hollingworth, from broker L&C, said that the sub-4% deals were now becoming part of the core range of mortgages offered by the big lenders.

But he warned the global economic uncertainty meant these rates could quite quickly move either way.

As a result, borrowers were increasingly applying for deals, almost as a backstop months before their old deals expired, he said. If rates improve before the new deal starts, then they could still switch to a better rate.