// BBC BUSINESS NEWS — FINANZA
Borrowers expecting mortgage rates to drop have hopes dashed
Nearly all the major mortgage lenders in the UK have announced increases in the cost of home loans in recent days.
Analysts are uncertain over whether there are more to come, but are urging people who need to find a new deal to act now.
Someone whose five-year deal is coming to an end faces paying more than £5,000 more a year on their next deal under a typical rate, if they borrow the same amount of money.
Many lenders allow people to lock in a new deal six months before their current one comes to an end, with an opportunity to switch if the costs come down before it kicks in.
"Borrowers expecting mortgage rates to drop in the coming weeks have had their hopes dashed," said Rachel Springall, from financial information service Moneyfacts.
"It is still essential borrowers do not delay seeking advice to navigate the mortgage maze."
The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.
This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula dependent on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. For exact figures, users will need to approach an official mortgage lender.
Interest rates fluctuate based on the Bank of England's base rate and market conditions
For borrowers, the interest rate on a fixed mortgage does not change until it expires, usually after two or five years, and a new one is chosen to replace it. The vast majority of homeowners and buyers have this kind of mortgage.