Last week saw many major lenders cut the prices of their fixed rate remortgage deals.

In a move that may come as a relief to many homeowners, NatWest and RBS launched a 3.79% two-year remortgage deal.

Alliance & Leicester and Abbey made similar cuts, as did small building society Hinckley & Rugby.

Many deals, however, are still only available with large deposits, demonstrating that the market is not yet back on track.