Tracker and standard variable mortgage rates are fluctuating.

By 2010 CML figures show that almost 2 million home-owners were sitting on lenders variable mortgage rates.

Since this time many more home-owners have reverted to lenders SVRs at the end of a fixed term, to take advantage of the low BOE base rate and lenders cheaper standard variable mortgage rates.

While announcements have been made by many lenders increasing their SVRs, it has come as a great surprise to tracker mortgage holders to find they could be subject to a similar thing. The BOE base rate has not increased and is predicted to stay low for the next year or so, however some lenders are attempting to claw back as much as they can and increase rates where possible.

Even those on SVRs and tracker contracts which stated pricing would be guaranteed at a certain level above the base rate, are finding that they are falling foul of contract small print.

Skipton SVR mortgage contracts were written with a ceiling stating mortgage-holders would not have to pay more than 3 per cent above the BOE bank rate, which made customers feel secure. However Skipton have now removed this ceiling citing exceptional circumstances as the reason. A new clause has now been written into the lender's contracts stating that it had the right to remove the ceiling under such circumstances.

The Manchester Build Society's recent tracker rate increase has come as a complete shock to those who believed that with a 0.5 per cent base rate this could not happen. Mortgage rates have significantly increased showing that no one is now safe from a  rate increase.

As some lenders are searching through their contracts looking for loopholes, Deal Direct recommended that home-owners review their mortgage offer with some urgency.

If you are worried that your rate is about to change contact 'whole of market' broker Deal Direct. We can offer advice and search the mortgage market for the most competitive mortgage rates to save you money.