Martin Lewis' website Money Saving Expert has issued urgent advice to homeowners who soon see their mortgage deals come to a close.
Despite inflation falling to 8.7 per cent in the year leading to April 2023, core inflation is still on the rise - and analysts say that another Bank of England base interest rate hike could be on the way come June 22, bolstering the current figure of 4.5 per cent.
This in turn could mean that your mortgage repayments may rise for the thirteenth time since December 2021.
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The Mirror reports that the most recent MoneySavingExpert.com newsletter reports how 1.4million mortgage deals are set to come to an end this year, so many will have to consider hard about what another potential rate rise means in the long run. It also explained how fixed-rate mortgages tend to move in line with forecasts of future interest rates - and until recently, had been falling.
Last month, the cheapest two and five-year fixes stood at 4.08 per cent and 3.79 per cent respectively - yet the cheapest now are 4.39 per cent and 4.05 per cent. Some are even predicting that deals could go as high as 5 per cent and 4.5 per cent come mid June.
Which poses the question, what should you do if your mortgage rate is coming to an end in the next six months?
The MSE website advises those on a variable-rate mortgage to compare deals elsewhere, in a bid to see if you should try to fix into a new deal as soon as possible. The newsletter, read: "Early action can insure against future rate rises.."
Many lenders allow people to secure a new deal three to six months prior to the end of their current deal, which MSE say allows people to lock into today's rate as an insurance safety over future rises. This can be done with an existing lender in a product transfer, or the option is also there to re-mortgage with a new lender.
Should a better deal come along, MSE says that you often ditch the mortgage secured and et a newer one at a lower rate closer to when you need it. But this can be a complex procedure, so make sure you research deals thoroughly before making a decision. You could also contact a mortgage broker for advice.
If you're on a tracker mortgage, which in-turn follows the base Bank of England rate with a fixed percentage added on top, MSE says that you may want to fix now if you're worried about potential future rises. The idea behind this is that it will give you certainty of payments for the foreseeable future - as economists have predicted the base rate may hit 5.5 per cent this year.
While tracker mortgages frequently come with no early repayment charges, which means that you can change your plan free of penalisation, you should once again check thoroughly and potentially contact a mortgage broker before making the switch to a new deal.
For more information, you can check out the MoneySavingExpert re-mortgaging guide here.
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