It is crunch time for millions of homeowners whose fixed rate mortgages expire this year.  They face much bigger monthly payments.
After 14 interest rate increases over the last two years, and no sign from the Bank of England that there will be a reduction any time soon, many are fearful they could lose their homes, and may be putting off finding out just how bad the news is. 
It may be scary, but anyone facing having to remortgage cannot start soon enough. And delaying could be catastrophically expensive.
Lenders will allow homebuyers to secure a mortgage interest rate six months before their existing loans expire. 
 Those not familiar with how mortgage payments are calculated may find the new payments, while higher, are not as frightening as they have feared.  
The earliest cut in interest rates is now expected in May and then may only be 0.25%.  10-year bond yields, which are the key influence on mortgage rates,  have risen in recent weeks and the best remortgage rates have been withdrawn. 
But if rates do fall sooner than expected homebuyers should be able to abandon their fixed offer and move to a better deal at no cost.   Of course, it is important to establish the rules of the "insurance" offer when you agree it. 
Starting early also gives you time to fix your household budget and maybe get  £7,500 tax-free help.




 

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