According to financial information firm Moneyfacts, just 12% of the UK’s largest lenders offer two year fixed-rate deals at 85% loan-to-value (LTV).

While the two-year tracker market has seen around 45% of the larger lenders offering deals at 75% LTV.

Despite a larger share of the two-year tracker market, Moneyfacts said that this still only equated to less than half of the top 50 deals available.

A spokesperson for Moneyfacts.co.uk, said: “The figures show that ‘biggest isn’t always best.’ In many cases the most competitive mortgage deals are not being offered by the largest mortgage lenders.

“Larger lenders appear to be concentrating on offering more competitive deals to borrowers with at least a 25% deposit.”

She added that when selecting a new deal, borrowers must ensure that they look at the true cost of the mortgage, including the fee.

“A deal with a low rate, but a high fee could work out more expensive than a slightly higher rate with a much lower fee.

“Some of the lowest rates on the market charge a percentage fee, which can work out very expensive if you have a sizeable mortgage.

She added: “In a time when the cost of mortgages continue to rise, these results show that it is even more important for borrowers to shop around to get the best deal.”