Borrowers whose current fixed rate agreement is coming to an end face much higher costs and should explore their options as soon as possible.
Those who have agreed to buy a home should also check how much they can borrow and the monthly payments and consider closing a deal.
This is Money’s best mortgage rate calculator, powered by L&C, which can show you offers that match the size of your mortgage and the value of your property.
What happens if I need to remortgage?
Borrowers should compare rates, talk to a mortgage broker and be prepared to take action to secure a new rate option.
Anyone with a fixed-rate deal that ends within the next six to nine months should shop around for the best rates they can get and consider striking a new deal. Many times there is no obligation to take it.
Most mortgage agreements allow fees to be added to the loan and are only charged when requested. By doing this, borrowers can lock in a rate without paying expensive origination fees.
Ask your broker about this and check if you are obliged to accept the rate or if you could switch to a cheaper deal if rates fall before you take out the mortgage.
What happens if I am buying a house?
Those with agreed-upon home purchases should also try to lock in rates as early as possible, so they know exactly what their monthly payments will be.
Homebuyers should be careful not to overextend themselves and be aware that home prices may fall from their current high levels as higher mortgage rates limit people’s borrowing capacity and purchasing power.
How to compare mortgage costs
The best way to compare mortgage costs and find the right deal for you is to talk to a good broker.
This is Money has a long-standing partnership with free broker London & County to help readers find mortgages.
You can use our best mortgage rate calculator to show you deals that match your home value, mortgage size, term, and fixed rate needs.
Keep in mind that rates can change quickly, so compare rates well in advance of any deadlines and speak to a broker as soon as possible so they can help you find the right mortgage for you.
> Check the best fixed rate mortgages that you can request