Homeowners who are coming to the end of a mortgage deal are being urged to protect their finances by locking into a new fixed-rate loan.
A tsunami of higher energy and food bills, plus inflation heading towards four per cent, means key household bills are on the increase.
And with the Governor of the Bank of England, Andrew Bailey, warning that interest rates will be pushed up if higher inflation becomes persistent, mortgages are also likely to get more expensive. Bailey has not ruled out a rate rise before the end of the year.
David Hollingworth, mortgage expert at broker L&C, says talk of the need for interest rates to rise to curb inflation means now could be the right time to lock into a loan that will provide homeowners with payment certainty.