Chief executive Nikhil Rathi said the changes are ‘a risk worth taking, allowing more people the security that comes with home ownership’.

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A Which? survey found 52 per cent of respondents altered spending in the month to mid-October

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Traditionally, people sought to buy a property that they could live in for decades

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Many households have struggled with the rising cost-of-living

The decrease to less than 5%, after average mortgage rates sat above this level in October, is a ‘notable milestone’, Moneyfactscompare.co.uk said.

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Men are much more likely to feel comfortable openly discussing money with their friends

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