Barclays customers could soon be £500 better off

Dariusz Karpowicz, director at Albion Financial Advice, also remarked: "More mortgages are tumbling below the 4% barrier, giving borrowers genuine cause for optimism."

Experts in the industry suggest that the reductions are spurred by falling swap rates - the principal benchmark for pricing fixed mortgages - coupled with predictions that the Bank of England might cut its base rate as soon as August. Should this be the case, the current trend of cuts could signal the beginning of a competitive race among high-street mortgage rates, potentially making borrowers the ultimate beneficiaries.