A: The most important thing is to act fast. The longer you leave it to take action, the more time there is for rates to increase further, potentially increasing your monthly payment by hundreds of pounds.

Most mortgage offers are valid for 6 months and with an average time from application to offer of around a month, you can apply up to 7 months ahead of your current rate ending.

Once your application is submitted the rate is secured, provided your application is agreed by the lender.