Homeowners are increasingly targeting variable rate mortgages as they gamble on interest rates remaining at record lows.
This is in stark contrast to the start of the year, when buyers flocked to fixed rate deals as lenders dramatically hiked their tracker rates - or pulled them altogether - in response to the dramatic base rate cuts.
However, with the economic recovery expected to prove slow and painful, many mortgage holders think it unlikely the Bank of England will destabilise the uneasy revival by rising interest rates any time soon.
"In terms of customer appetite, the tide has turned and customers now prefer variable rate products," explains Hannah-Mercedes Skenfield at moneysupermarket.com.
"Lenders have responded to this increased demand and there are currently twice as many two-year trackers on the market as there were at the start of the year."
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Best of both worlds
With variable deals offering far lower headline rates - leading tracker and discount mortgages are about 1% lower than fixes - savvy customers might be tempted to go for such a deal now and then switch to a fix when rates do finally rise.
However, this best of both worlds comes with risks of its own, warns Skenfield.
"Any indication of a base rate rise is likely to cause a flurry of fix activity, but it's likely that lenders will have already raised their rates by the time borrowers realise an increase is on its way."
Tracking versus fixing
For some people, the premium of fixing will always be worth paying because of the security it gives.
If your budget is tight and you want to know exactly what your outgoings will be each month, then don't gamble on the base rate.
This is especially true for first-time buyers, who tend to be financially stretched when they first climb onto the property ladder.
However, if you are certain you can afford repayments even if interest rates rise unexpectedly, then a variable rate deal could prove attractive.
What are the leading variable rates?
There are some competitive variable deals available - provided you have a decent deposit, of course.
For example, HSBC has a two-year discount at 1.99%, but you must have a deposit of at least 40% to qualify. The deal has a booking fee of £1,199.
You will pay a higher rate if you have a smaller deposit. ING Direct has the leading two-year tracker for those needing to borrow up to 75% of the property's value. The rate is 2.79% and there is a £795 fee.
If you'd prefer a longer term deal, HSBC is offering a lifetime tracker at 2.74%, although as with its two-year discount mentioned above, you need to put down at least 40%. The fee on this product is £999.
In light of the credit crunch, lenders have clamped down on who they'll lend to and the amount they'll advance.
As such, choice remains fairly restricted if you have less than 25% to put down. There are lenders offering loans up to 90% but again, you'll be hit with a higher rate.
HSBC has the leading two-year tracker at 3.89% with a £1,199 fee and the leading lifetime tracker, for those wanting a longer-term deal, at 4.59%. The booking fee on this product is £999.
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Fixed rates:
A mortgage is a major financial commitment and it is vital you pick a product you can definitely afford.
First Direct has the leading two-year fix at 3.69% for loans up to 60% of the property's value and there is a relatively-low £498 booking fee.
Alternatively, Mansfield Building Society has a two-year fix for those needing to borrow up to 75% at 3.79% with a £999 fee. If you want a 90% mortgage, HSBC has a two-year fix at 5.99% with a £599 fee.
The leading five-year fix is from Britannia Building Society at 4.99%. There is a £999 arrangement fee and a deposit of at least 40% is required.
