The average two and five-year fixed deals are now sitting at around 5.3 to 5.4 per cent.
Around 1,500 products have been removed since the start of the uncertainty—leaving less time for borrowers to secure new deals.
Sam Fox, a mortgage expert and founder of Warrington-based UKMC, said: “A few months ago there was more confidence that rates would gradually ease.
“Instead, lenders are repricing far more frequently, and borrowers are having to make decisions much more quickly in a less settled market.”
He said volatility, not just higher rates, is putting borrowers under increased pressure, with deals sometimes disappearing in a matter of days.
Mr Fox said: “People do not need to panic, but waiting in the hope that rates will fall quickly could leave some borrowers worse off. In this market, being organised makes a real difference.”
He warned that households nearing the end of fixed deals are beginning to feel the impact of higher monthly repayments.
Mr Fox said: “The earlier you start reviewing your options, the more flexibility you have.
“Leaving it too late limits choice, especially in a market where products can disappear quickly.”
Despite the challenging conditions, he said buyer demand has not evaporated—but confidence has weakened.
Purchasers are stress-testing their finances, taking more time, and adjusting their expectations in light of sustained higher borrowing costs.
This means some buyers are lowering their budgets, delaying decisions, or proceeding with greater caution.
Lenders are also adopting a more defensive stance in the current climate.
Mr Fox said: “There are still opportunities for well-prepared borrowers, but you need to be clear on what you can afford before you apply.”
He advised borrowers to act early, especially if they are remortgaging, and to avoid stretching themselves to the limit of their affordability.
Being ready to act quickly when a suitable deal appears is now essential, as is building in some financial flexibility.
Mr Fox said: “Borrowers do not need to put plans on hold, but they do need to be realistic.
“The people who feel most in control are the ones who prepare early and understand their options.”
Looking ahead to the summer, he said there is little sign of a sharp drop in mortgage rates and that conditions are likely to remain challenging.
He said the key change for borrowers is not just higher rates, but a market that is moving faster and rewarding those who are proactive and prepared.