Local finance experts are urging homeowners to seek mortgage advice as soon as possible as lenders pull deals amid ongoing uncertainty in the market.
Some of the biggest mortgage providers, including Halifax, have removed all their deals after the government's mini-budget saw the value of the pound plummet.
Analysis from Norwich finance experts, Moneyfacts, found that since the mini-budget was announced 365 mortgage deals had been pulled - down to 3,880 from 3,961 on Friday.
“The market remains considerably volatile so it’s vital consumers seek independent advice to assess what their best options are right now,” said Rachel Springall from Moneyfacts.
Already there has been an influx in homeowners worried about rising costs contacting mortgage brokers.
Oliver Dack, from Norwich mortgage brokers Mortgage Advice Bureau, said that over the weekend and Monday he had seen the number of enquires rise by 100pc.
He advised homeowners worried about their mortgages or coming to the end of a deal to speak to a mortgage broker as early as possible.
Why are mortgage rates rising?
In 2020 the Bank of England slashed interest rates which saw the cost of mortgages fall to their lowest levels on record.
This year the Bank has been steadily increasing rates - which currently stands at 2.25pc - to help control surging inflation
When the pound plummeted after the government's mini-budget, it prompted predictions that the rate will rise to 6pc next year resulting in a hike in mortgage rates.
How long before a deal ends can you look for a new mortgage?
Homeowners can start speaking to a mortgage broker about seven months before their current deal ends.
The can often start applying and get an approval six months before the end of their current deal.
Is it better to pay exit fees and lock into a new deal early?
Some homeowners may be tempted to pay the exit fee on their current deal to lock into a new mortgage before rates rise any further.
The fees charged to leave a deal early differs but the can cost thousands of pounds.
Whether or not it is worthwhile paying the exit fee depends on the borrower's individual circumstances, for example the longer they have left on their deal normally the more expensive it is to leave.
Homeowners considering paying to leaving their deal early can talk to a mortgage broker who will be able to discuss the best options.
How can I lower my mortgage repayments?
Those who are locking into a more expensive mortgage deal can look at ways of reducing their repayments.
Usually it is a good idea to get professional advice about the best options.
These can include extending the term of the mortgage, which will lower monthly repayments.
Another option for homeowners with debts in various lenders is to consolidate these through the mortgage.
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