The bank is removing its 3.99 per cent fix from the market as of Friday (22 February) at 10pm.
And those warnings intensified on Wednesday after inflation rose to 3 per cent and swap rates – which are used by lenders to price their mortgages – rose.
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Read MoreFor customers wanting a five-year fix, the best deal is from Barclays, which is also priced at 3.99 per cent.
“Swap rates have gone up since the inflation figures and the other lenders have not followed Santander by launching similar deals. This means there was always going to be additional pressure on the bank.”
“I suspect some fixed rates will edge up and we will have to wait a while for them to come down,” he added.
Higher inflation means the Bank of England could consider keeping interest rates higher for longer, with traders betting there is little chance that it will cut rates in March.
However, some providers are still cutting rates.
In order to ensure getting best rate, homeowners and first time buyers are encouraged to consult a broker.
Should you get a fix now?
If your mortgage fix is coming to an end soon, it is worth starting to look at new deals around three months in advance.
Most lenders let you lock in a new deal several months before you need it to start, so you could currently lock in a rate now even if your deal ends in May.
Then, if rates rise, you have a cheaper deal locked in, and if rates do end up going down, you can switch to a cheaper deal.
Another option is to go for a tracker mortgage, which will go down if the Bank of England base rate does, and up if the Bank raises rates.
These are usually more expensive than fixes, but they do allow customers to bide their time before locking in a fix, which may get cheaper in the future.
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