The Bank of England announcement last week that the base rate would increase by the end of the year is almost overdue if one looks closely at the amount of house owners remortgaging in the last few months. Remortgage activity has increased 20% since the beginning of the year and will likely only intensify after the public announcement by the Bank of England governor, Mark Carney. Many banks are responding already with their own announcements. Many of the best mortgage rates will likely be gone by the turn of next month.

Two major UK banks have made it known that the best mortgage rates will no longer be available in the coming days. Increases in rates will likely take place on Monday and Tuesday of next week in preparation of the impending increase in base rate which will almost certainly occur by the end of the year.

Many banks are expected to follow, which is the typical sequence of events for rate changes by big banks. The difference in mortgage lending products could be as much as several hundred pounds, depending on the length of term and amount of mortgage.

David Hollingworth with London & Country, commented on the inevitable increase in rates, saying: "We have all become used to rates going down over the past few years, but the party is over.

"The incredibly cheap, record low deals on offer today will soon gone – possibly never to return."

Hollingworth continued with his comments, saying: "The good news is that strong competition should keep a number of good deals out there, but lenders can't hold on forever with rate rises rumoured to be round the corner."