UK Property: Who Benefits Most From Returning Fixed Rate Mortgage

I am rather baffled that more commentators aren't sceptical that the banks have brought back five year fixed rate mortgages now. I have read two articles one in the Daily Mail and one on Hotproperty.co.uk, both of which highlighted the benefit to consumers, but do banks and lenders ever really do anything that benefits anyone more than themselves?

When I heard about the banks bringing back the five year fixed rate mortgages of around 4%, I was immediately aware of the fact that the mortgages give banks the chance to earn much more interest in the short-term, with interest rates unlikely to return to 4% for some time.

What's more the new mortgages are dependent on borrowers stumping up a 40% or more deposit. An attractive looking mortgage could force borrowers to stump up what property values could yet fall by, when really the banks will turn out to be the biggest benefactors from fixing the interest.

Maybe I am wrong, maybe interest rates will climb rapidly during the 5 year term, but I severely doubt it. Even if they do, the banks still gain now when they are at their most strapped. It just seems the new mortgage products benefit the banks more than consumers.

I am no expert on what kind of mortgages are currently available, but wouldn't those currently looking for and able to get a mortgage be better taking something like a base-rate tracker, and possibly switching to a more favourable deal when the base rate increases, which will likely coincide with a much more favourable and varied mortgage market?

I'm sure I'll be corrected if I'm wrong.