Nearly all major mortgage lenders in the UK have raised the cost of home loans in recent days, adding to the financial pressure on homeowners and potential buyers. Experts are unsure if more increases are on the way, but they are advising those looking to secure a new mortgage deal to act quickly. For example, someone whose five-year mortgage deal is about to end could face paying over £5,000 more annually on their next loan if they borrow the same amount, depending on the rate. Many lenders allow customers to lock in a new deal up to six months before their current one expires, giving them a chance to switch if rates drop before the new deal starts. Rachel Springall from the financial information service Moneyfacts noted that borrowers hoping for lower mortgage rates in the coming weeks have seen their expectations fall short. She emphasized the importance of seeking advice promptly to navigate the complex mortgage market. Fixed-rate mortgages, the most common type among UK homeowners, have an interest rate that remains the same for a set period—typically two or five years—before a new rate must be chosen. With uncertainty in the global economy, especially since the start of the conflict in Iran, mortgage rates have climbed, pushing up monthly repayments for many. The rise in UK government borrowing costs has also contributed to higher mortgage rates, as these costs influence the rates lenders offer. Recent government debt sales have further pressured the market, with Bank of England Governor Andrew Bailey expected to address the situation during a parliamentary session. David Hollingworth from broker L&C said it's unclear whether the recent rate hikes mark the end of the trend or just the beginning. Similarly, Aaron Strutt from Trinity Financial noted that while there may be a pause in increases, there are no guarantees, and even small rate rises can discourage potential homebuyers. Potential buyers and borrowers are being urged to seek professional advice and plan ahead, as more people are opting for mortgages with smaller deposits, increasing their vulnerability to rate changes. The proportion of mortgages where the loan exceeds 90% of the property's value has reached its highest level in 18 years. The recent mortgage rate increases will hit those moving off much cheaper five-year deals particularly hard. However, current rates are still below their recent peaks, and the exact terms borrowers can secure depend largely on their individual financial situations. As of Tuesday, the average rate for a new two-year mortgage deal was 5.65%, while the average for a five-year deal was 5.70%.