Buyers face a mortgage rate hike.

Various banks and building societies are beginning to increase rates on both fixed and variable deals after months of record-low rates.

The rate hike is in response to fears of a base rate rise early next year.

According to new figures released by the BoE both 2 and 5 year average rates for 75% LTV have increased, along with variable rates at 75% LTV.

This is the first time in over a year which strongly suggests record low rates are set to vanish.

Just today TSB announced its fixed rates were rising by 0.15%, and its only a matter of time before more lenders follow suit.

Concern over rising rates is increasing. Data released by the Council of Mortgage Lenders shows a rising number of home-owners rushing ahead and remortgaging to lock into a cheap mortgage while low rates are still on offer.

If you want to re-mortgage to a competitively priced deal, or get a mortgage offer to buy a new home while cheap rates are available, act now. A rate rise is a realistic prospect in the not so distant future.

Those who have purchased a home in the last few years have not experienced an interest rate increase, and many underestimate the financial impact it can have. Not only will mortgage rates rise but also all other rates such as credit card interest.

With costs due to rise you are advised to think carefully about your finances and go for the best deal you can get on your mortgage.

If you would like to find out what deals are on offer at your deposit level call 0800 048 8828 and speak to an adviser at Deal Direct.

We can search the entire mortgage market to find the most competitive deal available so you can lock into a cheap offer to protect yourself from rising rates.

 For impartial advice and a low rate quote call 0800 048 8828.