There has been little change to the best fixed-rate mortgage deals on offer, despite the base rate being increased four weeks ago. Some lenders have even reduced their rates, suggesting there's still time for people nearing the end of their contract to secure a better deal.

The Bank of England increased the base rate from 0.5% to 0.75% at the beginning of August, meaning those on SVR or tracker mortgages will see their payments go up, with many lenders bringing these changes into effect this weekend. It was expected that fixed-rate deals would also be impacted by the change to the base rate, however, they have largely stayed the same since the hike. This could be because the base rate increase had already been factored into current prices - rates have been rising steadily since their lowest-ever point last November.

Rates remain historically low and are only expected to increase. Those looking to remortgage or purchase a property within the next six months might want to think about locking in a great deal today, whilst they're still available.

How have rates changed since the base rate increase?

Movements in the rate for fixed mortgage deals have been tiny, so far. Since the base rate hike, the best two-year fixed-rate mortgage deal has increased by just 0.03% (was 1.35% now 1.38%). The best five-year fixed deal has not increased at all (1.83%). These examples assume a £200,000 property with 60% loan-to-value.

A few lenders (including Barclays) have even reduced their rates on fixed-rate mortgage deals, though they're still not the cheapest. This is probably in order to remain competitive.

However, there's no guarantee that the increase in the base rate won't have a larger impact on fixed-rate deals going forward. So, if you're thinking of applying for a mortgage in the near future, it's worth seeing what's available to you today.

How early can I start looking?

If your current deal ends within the next six months, or you're looking to buy a property in that time, start looking at mortgage deals now. Most lenders have a "lock-in" period, meaning you can secure a deal at today's rates to start at any time within the next six months. Some lenders have even longer lock-in periods, allowing up to twelve months, though usually only for those purchasing a new build.

Anyone who hasn't reviewed their mortgage for a while should take action now to see if they can make a saving. Taking advantage of the current low fixed-rate deals could also protect against future increases in interest rates. Even those still in a deal can secure a low rate now which will still be valid when their contract comes to an end.

For free, impartial advice from friendly experts in the mortgage market, book a consultation with Key Mortgage Advice via the button below. We have offices in Southport, Preston and Garstang, or we can assist you over the phone.