According to L&C Mortgages, the average of the top 10 lenders’ two-year fixed rates climbed by 1% while their five-year rates increased by 0.92% since the record-lows of last year.

The increase to the two-year average rate would mean that the same mortgage will cost over £800 more per annum in March.

The average standard variable and reversionary rates have already climbed by more than 0.30% to 4.14%, with many anticipating more base rate rises to come, possibly as soon as next week as the Bank of England prepares to meet again.

Read more: SPF: Mortgage rates rising as all signs point to base rate increase.

“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,” David Hollingworth, associate director at L&C Mortgages, said.

He advised borrowers to review their current deal to make sure that they are on the best deal and protecting their position against 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 six 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,” Hollingworth said.