Another month, another contender for champion of the mortgage offers. This month Coventry Building Society has released a 10-year deal with a rate fixed at just 2.39%.

HSBC has also released a 10-year deal with a fixed rate of 2.79%.

The monthly mortgage deals are unlikely to slow down as experts believe rates will only drop further, thanks to the recent Brexit.

Who does this affect?

As usual there are some limits on who this mortgage is available to. Those that qualify will need to lay down a massive 50% deposit plus an arrangement fee of &999, meaning that this is an incredibly exclusive offer.

The offer from Coventry is also available to those looking to borrow 65% of their property’s value, whilst HSBC offers it to those looking to borrow 30%.

Those who choose to take up the offer need to be prepared to lose all their flexibility for 10 years and there are extreme penalties for those who choose to back out before the 10 years are up. It is also worth noting that Coventry will only have limited funds so anyone interested will need to move quickly.

What offers might we see in the future?

This month we’ve got the 10 year fixed rate, last month HSBC released a 1% fixed rate mortgage. Based on these trends, analysts believe we may be close to seeing a record low mortgage at 0.5%.

Rachel Springall, of Moneyfacts.co.uk, said: “The price of 10-year fixes has been coming down as it is an area lenders can compete in.”

“With the current level of uncertainty, they are also keen to lend to customers over the longer term.”