High street banking giant Halifax has launched the UK's cheapest ever mortgage.
However, as with most good things, there's a catch.
The two-year option is 0.9%, and it beats the previous lowest rate of 0.94% from HSBC, launched last month .
But the Halifax deal does have some strings attached that buyers need to take into account.
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Firstly, you'll need a 40% deposit or equity built up in your house to qualify for the rate, and it is only available for people remortgaging.
Secondly, the 0.9% rate has a chunky £1,499 fee, or a £999 fee with a rate of 0.91%.
Halifax has also launched a five-year mortgage at 0.98%, the lowest-ever over that period.
This just beats the previous cheapest option of 0.99%, from Nationwide, which it unveiled earlier this month.
The new Halifax deal is also aimed at remortgagors with a 40% deposit or equity, and has a similar £1,499 fee, reports the Mirror.
Halifax will lend between £25,000 and £1million to homeowners interested in either the two- or five-year deal.
But it is worth weighing up the low mortgage rates from Halifax against the high fee, as some homeowners may be better off paying slightly more every month but less up front.
Derin Clark, of financial experts Moneyfacts, said: "Although the continual battle amongst some of the most popular high street lenders to offer the lowest possible mortgage rates makes switching mortgage deals tempting right now, for some mortgage borrowers switching deals could result in costing them more in the long run."
