Mortgage rates are set to increase, one expert has warned.
According to David Kuo, head of personal finance at money website Fool.co.uk, turmoil in the banking sector will see lenders charging customers more for mortgages .
He explained that recent events have seen Libor - the rate at which banks lend to each other - rise to above six per cent.
"Libor is a better guide to the costs of fixed rate and standard variable rate mortgages than the Bank of England base rate," Mr Kuo stated.
However, the recent increases in Libor have not yet been reflected in the rates which mortgage lenders are offering, he added.
For this reason, people who are coming to the end of a fixed rate mortgage should look to take out a new deal as soon as they can, Mr Kuo urged.
Yesterday, Britannia Building Society announced it is to cut the interest rates on its flexible and offset mortgages .
The lender is also reducing the cost of its two and ten-year fixed rate mortgages .
Mortgage rates on the rise, expert warns
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Mortgage rates on the rise, expert warns
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