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The trend of mortgage rates creeping up could be about to be reversed, as lenders launch new deals amid the country's housing mini-boom.

Following nine months of sustained increases, the average two-year fixed rate fell in May - though only by a marginal 0.01 per cent. It now sits at 2.57 per cent, according to finance experts Moneyfacts.

The average five-year fixed mortgage rate rose by 0.02 per cent to reach 2.79 per cent. 

These are higher than the respective 2.09 per cent and 2.35 per cent averages in May 2020, although deals still remain cheap by historic standards. 

The number of mortgage deals available to borrowers has now risen for the seventh month in a row, with around three quarters of the deals available before lockdown having now returned to the market. 

There is some good news for first-time buyers, who have had a much harder time finding a mortgage since low-deposit deals were pulled at the beginning of the pandemic.  Mortgages for those with ten per cent deposits started to return to the market at the beginning of this year, and there are now 481 products available. In May 2020, there were just 100.

More recently, lenders have begun to relaunch five per cent deposit mortgages, and there are now 112 of these to choose from. 

The Government is underwriting deals with some lenders under a new mortgage guarantee scheme, and this has given other banks and building societies the confidence to launch their own low-deposit offerings. 

However, buyers will need near-perfect credit ratings to get one of these mortgages, and some lenders are excluding flats and new-builds. 

What are the best mortgage deals?    

While there are fewer mortgage deals around at the moment, it could still pay to switch. 

Borrowers on their lenders' standard variable rates could save hundreds of pounds a month by switching, for example.

Mark Gordon, director of money at Compare the Market, said: 'Languishing on a lender's standard variable rate mortgage is likely to cost you thousands of pounds more than you need to pay.

'While there are fewer mortgage products available on the market than usual at the moment, with the housing market slowly restarting again and physical property valuations able to take place once more, there are still plenty of good rates to choose from by looking around online.'

The attraction of a two-year fix may be lower rates now and extra flexibility, but that comes at the expense of needing to remortgage in two years to avoid slipping onto a more expensive standard variable rate.

A five-year fix gives the opportunity to lock into a low rate for a longer period and avoid extra fees and higher rates in a relatively short time.

Unless you have a good reason to take a two-year fixed rate, such as needing to move or expecting to have to sell your home, brokers have suggested that five-year fixed rates might be a cheaper long-term bet.

Whatever the right type of mortgage for your circumstances, shopping around and speaking to a good mortgage broker is a wise move.

Borrowers should have a quick look at the rates below. These are regularly updated by This is Money's mortgage team. If you spot a deal you think has been pulled or should be in there, email us via editor@thisismoney.co.uk with mortgage rates in the subject field.

For a full rate check use This is Money's mortgage finder service and best buy tables, these are supplied by our independent broker partner London & Country. 

Best fixed-rate mortgage deals

Bigger deposit mortgages

Five-year fixed rate mortgages    

Natwest has a five-year fixed-rate mortgage at 1.27 per cent with a £745 fee at 60 per cent loan-to-value 

Santander has a five-year fixed-rate mortgage at 1.27 per cent with a £749 fee at 60 per cent loan-to-value 

Two-year fixed rate mortgages     

HSBC has a two-year fixed-rate mortgage at 1.39 per cent with no fee at 60 per cent loan-to-value

First Direct has a two-year fixed-rate mortgage at 1.44 per cent with no fee at 60 per cent loan-to-value 

Mid-range deposit mortgages

Five-year fixed rate mortgages 

Clydesdale Bank has a five-year fixed-rate mortgage at 1.53 per cent with a £999 fee at 75 per cent loan-to-value

Halifax has a five-year fixed rate mortgage at 1.54 per cent with a £999 fee at 75 per cent loan-to-value 

Two-year fixed rate mortgages      

First Direct has a two-year fixed-rate mortgage at 1.44 per cent with a £490 fee at 75 per cent loan-to-value 

Santander has a two-year fixed rate mortgage at 1.51 per cent with a £249 fee at 75 per cent loan-to-value

Low-deposit mortgages

Five-year fixed rate mortgages

Yorkshire BS has a five-year fixed-rate mortgage at 3.34 per cent with a £995 fee at 90 per cent loan-to-value

Atom Bank has a five-year fixed-rate mortgage at 3.44 per cent with no fee at 90 per cent loan-to-value  

Two-year fixed rate mortgages 

First Direct has a two-year fixed-rate mortgage at 3.09 per cent with a £490 fee at 90 per cent loan-to-value

Lloyds Bank has a two-year fixed rate mortgage at 3.14 per cent with no fee at 90 per cent loan-to-value 

 >> Check our our mortgage tracker to compare all of the available deals

Best tracker rate mortgages 

Tracking a 0.10 per cent Base Rate may seem an odd decision when rates are likely to only go up - and you could fix for up to five years at a lower rate - however, there is one big advantage to a good lifetime tracker, flexibility.

A fixed-rate mortgage will almost inevitably carry early repayment charges, meaning you will be limited as to how much you can overpay, or face potentially thousands of pounds in fees if you opt to leave before the initial deal period is up.

You should be able to take a good fixed mortgage with you if you move, as most are portable, but there is no guarantee your new property will be eligible or you may even have a gap between ownership.

A good lifetime tracker has no early repayment charges, you can up sticks whenever you want and that suits some people.

Make sure you stress test yourself against a sharper rise in base rate than is forecast. 

Lifetime trackers   

Melton BS has a lifetime discounted variable rate at 3.00 per cent for the term, currently at 1.99 per cent with fees of £290 at 75 per cent loan-to-value

First Direct has a tracker at base plus 2.09 per cent for the term, currently at 2.19 per cent with fees of £490 at 60 per cent loan-to-value

Shorter trackers   

Nationwide has a two-year tracker at Base Rate plus 1.59 per cent with fees of £798 at 75 per cent loan-to-value

Nationwide has a two-year tracker at Base Rate plus 1.29 per cent with fees of £798 at 60 per cent loan-to-value 

Watch out for discount rates, as these track a rate set by the lender rather than following the path of the Bank of England base rate.

Most lenders move their internal variable rate in line with the base rate, but they don't have to, meaning you could see your rate rise even if the base rate stays put.

Can you get a mortgage?  

Getting a mortgage is tougher than it once was. You will need to get your finances in order and be prepared for the lengthier application process and in-depth affordability interviews getting a mortgage requires nowadays.

Lenders also apply different standards to what they will lend.

Weigh up the above, check the rates here and in our best buy mortgage tables, have a scout around what the best deals look like – and speak to a good independent broker.

There are a couple of things to look out for if you do decide to fix.

You need to check the bumper arrangement fees are worth paying – if you don't have a big mortgage you may be better off with a slightly higher rate and lower fee.

It's also wise to think carefully about whether you expect to move home soon. A good five-year fix should be portable, so you can take it with you.

But your new property will need to be assessed and you might need to borrow extra money, and so your lender could still say no. Getting out of a fixed rate typically requires a hefty hit to the pocket from early repayment charges.

Today's low rates may stick around, they may even inch a little lower, but they may also be swiftly axed.

If you think you'd kick yourself if you miss out on one, then set aside some time to consider what to do.

Choosing a mortgage - the essential quick guide

1. How big a deposit do I need?

To get the full choice of deals raising a decent deposit is still vital. The benchmark figure is 25 per cent, if you have this then you'll be getting close to the best rates, although for an absolute cheapest deal you're still likely to need 40 per cent.

However, a selection of better deals for smaller deposits is also now available.

2. Should I take a fixed rate?  

Most borrowers consider the security of a fixed rate as worthwhile, whereas variable rate deals can be cheaper but leave you exposed to potential rate rises.

If you decide to take a fix you need to carefully consider how long for. 

Two-year deals are cheap but only offer very short-term security and incur extra costs when you remortgage. 

Five-year deals lock you in for longer and come with slightly higher rates but better security and no need to remortgage in a relatively short space of time.

3. Should I take a tracker rate?

Tracker rates are essentially a gamble. What looks like a bargain rate now, could soon get very expensive when interest rates rise.

Anyone considering a tracker needs to make sure they are not just storing up a problem for the future. If the tracker comes with an early redemption penalty that would make it expensive to jump ship, then make sure your finances could take a rise of at least 2 per cent to 3 per cent in interest rates.

For that reason we at This is Money like tracker deals that fit into one of these three categories: no early redemption penalties, a cap to how high the rate will go, or that let you jump ship for a fixed rate if rates rise.

4. Should I get off a standard variable rate?

Standard variable rates are what borrowers slip onto by default when they finish a fixed or tracker deal period.

They can typically be changed by lenders at any time - without the Bank of England moving rates, they may also rise or fall by more than any move in base rate.

A number of mortgage borrowers have fallen victim to lenders hiking their standard variable rates, despite the base rate remaining stable. 

There is a lack of clarity from travel insurers over how much protection their policies offer for Covid-related disruption, new research has revealed.

This could lead to consumers losing money, and with less protection than needed, as international travel reopens, according to data from Which?.

It found that many travel insurance customers are being left with a false impression about the level of protection they would benefit from if the pandemic was to hit their holiday plans.

Much of this is down to poor communication by some insurance providers and the use of often confusing, blanket terms such as 'Covid Cover' or 'Enhanced Covid Cover' on their websites.

Which? surveyed over 2,800 travel insurance customers between February and March 2021. 

It found that 29 per cent of travellers had committed to bookings or arrangements for international trips this year with 12 per cent saying that while they'd not booked or arranged travel, they did have specific plans.

Half of the respondents believed they would be covered should the government's travel advice change after a trip was booked and 47 per cent thought their policy would cover them in the event that local or national lockdowns prevented them from travelling.

Another 46 per cent believed their policy would cover them if their airline or holiday company postponed their travel but wouldn't offer a cash refund.

However, analysis of 73 travel insurance providers between October and November 2020 found cover for those three such eventualities - particularly for when government travel advice changes - was very rare, with large discrepancies between what policies included.

Since March 2020, most insurers have considered the pandemic a 'known event', and excluded FCDO cancellation cover from new policies and for newly booked trips.

However, Which?'s survey found that customers with policies bought after March 2020 were more likely to believe that they were covered for this type of disruption than ones that had bought policies before then.

For instance, 65 per cent of respondents that bought travel insurance less than six months prior to participating in the survey believed they would be covered if FCDO travel advice changed and advised against travel after they had booked their trip, whereas 48 per cent of respondents that bought policies over a year ago did.

While some insurers give upfront information about how they protect against Covid-related disruption on their webpages and in their FAQs, some providers only state key benefits that their 'Enhanced Covid Cover' provides, and are less clear about what is excluded.

Other providers describe their policies as covering a 'range' of Covid-related scenarios, and direct prospective customers to the FAQs for further detail.

Which? is now urging the Department for Transport to ensure travel insurance providers are clear about Covid-cover terminology.

It believes providers should present what is included and excluded in their Covid policies clearly on their websites and not bury exclusions in their FAQs. 

It is also urging the DfT to work closely with the Treasury and sector regulators including the FCA, Civil Aviation Authority and Competition and Markets Authority, as well as with industry, to ensure all travellers adequately understand their travel insurance cover. 

Jenny Ross, Which? Money Editor, said: 'The ongoing threat of Covid-related disruption means that getting the right travel insurance for your holiday is more important than ever.

'Without closer scrutiny from government and regulators of how clearly insurers present their policies, there is a very real chance that many travellers will be left out of pocket yet again this summer.'

Which? added the Financial Conduct Authority (FCA) should be monitoring terminology used by travel insurers in their Covid-19 policies and marketing material to ensure they provide sufficient clarity. 

In turn, this would help consumers make a more informed choice when booking a trip abroad and could save them money. 

What to know before you travel  

The travel environment has changed, but the core purpose of travel insurance – to cover the high costs of needing emergency overseas medical treatment abroad – has not, the Association of British Insurers (ABI) has warned. 

It has provided holidaymakers with six tips they should follow before travelling overseas.

1) Make sure it is safe to travel: Always check current FCDO advice, especially as travelling against FCDO advice is likely to invalidate your travel insurance. Be aware of any quarantine requirements on your return to the UK – travel insurance will not cover costs associated with quarantining in Government provided accommodation. 

2) Buy travel insurance and make sure that it best meets your needs: The main reason for travel insurance is to cover the costs of emergency overseas medical treatment which, together with any repatriation required back to the UK, can easily run into tens or even hundreds of thousands of pounds. 

3) Be aware of any Covid exclusions in your insurance: All ABI travel insurers will continue to provide cover for emergency medical treatment needed overseas, including emergency medical treatment related to Covid-19. However, policies are unlikely to cover cancellation due to Covid-19 as it was a known risk when the policy was taken out 

4) Be aware of, and comply with, travel requirements for entering overseas countries: It is your responsibility to comply with any border restrictions in place at your destination country. If you do not comply with these requirements, then you will need to return home at your own cost. 

5) Have your EHIC, or get a GHIC, if travelling to Europe: If you hold a current European Health Insurance Card this remains valid until its expiry date. After then, or if you do not have an EHIC, you will need to apply in the same way for a Global Health Insurance Card. 

Neither the EHIC or the GHIC is a replacement for travel insurance as it will not cover you for all medical costs, or the cost of emergency repatriation back to the UK.

6) Know your rights: Get as much information as you can, so that, in the event of any travel problems, you know what you are entitled to. For example, check the refund policy of any accommodation provider, what you are entitled to if booking a package holiday, and what the legal obligations of the airline are if your flight is disrupted or cancelled.