Money saving expert Martin Lewis said those on variable tariffs have around a month to look for other potential deals before their bills go up.
Others on fixed deals due to expire soon might want to think about locking into a new tariff now as well, he said in his Wednesday consumer affairs newsletter.
He said: “The cheapest rates have disappeared - if your fix ends soon-ish or you're on the standard rate, check now if you can save.
“The 0.25% point base rate increase will likely take a month to feed through to most standard variable rates (SVRs), though some tracker rates have already gone up. It will add roughly £12/mth per £100,000 of mortgage.”
There were 50 fixed-rate mortgage deals below 1 per cent last autumn but now the lowest fix is 2.1 per cent, meaning someone with a £200,000, 30-year mortgage, would now be paying £120 a month more than October's cheapest.
"With further rate rises predicted, and many lenders' default standard variable rates heading to 5%, checking if you can save by changing deal is a must-do," Lewis added.
"You may not save as much compared to a few months back, but compared to doing nowt, switching could still help you save £1,000s."
It comes as further rises to base rates are expected, with analysts Capital Economics predicting it to be 1.25 per cent by the end of 2022 and 2 per cent in 2023.
David Hollingworth, associate director at L&C Mortgages, told Mirror Online: “The market is moving at breakneck speed as lenders try to manage their product ranges and lending volume, often resulting in products lasting days rather than weeks.
“That presents a real challenge for borrowers trying to keep on top of market movements but with continuing increases in mortgage rates it’s all the more important for borrowers to keep a tight rein on their mortgage.”
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