The mortgage market is still competitive and offers customers a wide range of options, according to the Building Societies Association (BSA).
Neil Johnson, the PR and policy manager of the organisation, has stated that while the range of deals available to people has decreased, there are still deals available that could offer good value for borrowers.
Earlier this month, HSBC announced that it would match the interest rate for two years of borrowers coming off fixed rate deals.
Commenting on the move, Mr Johnson said: "The HSBC offer is a very competitive one but so are many of the products offered by building societies.
He added that the firm's move was "what you would expect in the competitive mortgage market that we've got, where providers actually offer different products that will appeal to different customers".
Research released by the Financial Services Authority in June last year found that around 1.4 million people are expected to come off cheap fixed rate mortgage deals in 2008.
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