With many commentators suggesting 2015 as a likely time for the increases L&G said lenders will inevitably turn their attention to pricing in the change prior.
This means that the historic low mortgage deals currently available don’t look set to last into the medium term.
A quick analysis of the likely increase in repayments shows that a rise in rates of just 0.5% on a typical mortgage worth the UK average of £150,000 would amount to an extra £62.50 per month which equates to a not insignificant £750 per year increase in mortgage bills.
Jeremy Duncombe, director, Legal & General Mortgage Club, said: “Borrowers can’t afford to be complacent.
“Lenders will price in a change in base rate well in advance of any decision to increase and therefore the historically low rates we have seen in recent times are not going to be around for long.
“Borrowers should look at their options and talk to an advisor to tie down a more favourable deal while they still can.
“A mortgage is the largest financial commitment many of us will take out in our lives so it is crucial that borrowers make changes that are suitable for their own circumstances.
“Speaking to a mortgage adviser is the best way to understand all the options available and to secure one of the good deals that are still available at the moment.”