The best mortgage deals for all borrowers!

Christina Jordon rounds up the best mortgages whether you want a fix, tracker or discounted rate

The Bank of England announced last week it is to maintain the Base Rate at its record low of 0.5% for the sixth month in a row. No surprises there then.

There's now a consensus among 'industry experts' that it will stay at this level for the foreseeable future, probably until 2010.

So it looks like we'll see no significant increases in mortgage rates in the short-term. And while no-one is pretending that we currently have a fully functioning and competitive mortgage market, there are still plenty of stonking mortgage deals available, whether you want to take your chances on a variable or lock into the safety of a fix.

Two-year fixed rates

The darling of the UK mortgage market, two-year fixed rates have an enduring popularity with borrowers, whatever the economic climate and however they are priced.

We love them for their balance of security and flexibility. There is a freedom that comes from only committing for a manageable two years, combined with knowing nobody can alter our mortgage repayments for that short, sweet period.

We know it doesn't make complete financial sense to take a two-year fixed rate in the current climate. We understand that they are not priced well and we are likely to pay over the odds compared to variable deal. Oh yes, we can hear the naysayers warn of the payment shock we'll face two years down the line. But we still like them.

Like Goldilocks we want a deal that feels 'just right' - not too expensive and not too much of a tie-in to scare us off. Frankly, the downsides of getting it wrong are not that scary with a two-year fix.

Here are some of the best:

Medium and long-term fixed rates

Longer-term fixed rates enjoyed a brief resurgence in the first half of 2009 as lenders began to offer some amazing rates for those who were prepared to commit. And many consumers flocked to the safety of long-term set repayments at a time when interest rates were predicted to rocket.

They also suit those laidback borrowers who just want to fix their rate and forget about their mortgage for five, 10 or even 15 years. A well-priced long-term fixed rate is pretty hard to ignore - less hassle and more security.

Plus you save thousands of pounds in remortgage fees over the duration of the fix. Escaping the two-year churn in exchange for security is very appealing indeed, as long as you can accept that you are paying over the odds for your mortgage right now.

My favourite long-term fixed rates are below:

Discounted variable and tracker rates

This is a mortgage for the borrower who wants the lowest rate on the market, and refuses to pay a penny more.

After all, who wants to pay 5% interest on their mortgage when they can pay 3%?

The fly-by-the-seat-of-their-pants discounted and tracker rate borrower laughs in the face of the Bank of England and is more than happy to take a little risk in return for cheap mortgage payments now.

Make hay while the sun shines with a tracker or discounted mortgage, with super low rates starting from 1.99% and a wide range of products.

Even better, short-term discounts only tie you in for a couple of years so you can always switch to another deal if things get too hairy. And some term trackers have no tie-ins whatsoever. It's a no brainer isn't it?

Below are some of the best variable deals:

First-time buyers

First-time buyers get their own category because they generally (though not always) have smaller deposits than switchers and therefore find it harder to get a mortgage.

Many first-time buyers need to borrow 90% of the property's value having scraped together a 10% deposit and there isn't exactly a wide choice at this level.

And if you do find a deal you'll have to pay through the nose for it as lenders price in the increased risk that first-time buyers with small deposits inevitably and unfortunately present.

If you only have 10% upfront, here are some of the best deals on the market.

*First-time buyers only

More: Why discount mortgages are better than trackers | Homebuyers: Last chance to save £1,750!