Those with tracker mortgages may need to act quickly if they are to avoid an increase in monthly payments.
On Thursday, the Bank of England put up base rate to 1.25%, the highest for 13 years and the fifth increase in as many months and it is likely rates will go up again before the end of the year.
Some mortgage lenders have already started passing on the increase to customers.
Sheldon Bosley Knight’s head of residential sales, James Morton said: “It may be worth first time buyers, landlords and any others who have a tracker mortgage to switch to a fixed rate one now before another rise.
“Additionally, for those currently on a fixed rate but near the end of the contract, it may well be worth paying an early redemption fee now to switch to a better deal.
“As always if you would like more information or advice about what might be the best route forward for your circumstances, please give one of the team here at Sheldon Bosley Knight a call as we would be happy to help.”