Mortgage rates have been rising rapidly since the low of October last year, analysis from L&C has found.

The study shows the average of the top 10 lenders 2-year fixed rate products have climbed by 1% since October and 5-year rates by 0.92%.

The same two-year mortgage is said to cost over £800 more per annum in March compared to October.

Further increases may be on the horizon, potentially as early as next week if talk of further base rate rises comes to pass, says L&C.

The broker firm advises that borrowers can remortgage up to six months before their current deal ends and is urging them to look into options before rates rise further.

L&C mortgages associate director David Hollingworth says:  “Mortgage rates have been shifting rapidly as lenders are forced to adapt to the impact of market expectation of higher rates on their funding costs.  The sheer pace of change is something that could take borrowers by surprise, especially when the cost of living and other outgoings such as energy are already rising too.

“Fixed rates are still at historically attractive levels so borrowers should review their current deal to make sure that they are on the best deal and protecting their position, especially against a backdrop of rocketing outgoings and further potential increases in base rate.

“Rates are moving quickly though and deals rapidly come and go, often only lasting a matter of days before being replaced with higher rates.  Borrowers can lock in at a current rate up to 6 months ahead giving the chance to review well ahead and ensure a smooth switch over when their current deal ends.  That could help them get ahead of any further rate rises.”