Homeowners looking to remortgage are being urged to act quickly to secure the lowest rates.

With the Bank of England tipped to cut interest rates, you might be hoping for your monthly mortgage payments to fall. But experts are warning that lenders are unlikely to pass on the full savings, meaning those who don’t shop around could miss out.

Jo Pocklington, a mortgage expert at Purplebricks, says time is of the essence: “Ideally, start talking to a broker six months before your current deal ends. If you have less time, reach out immediately.”

A mortgage broker can help you compare deals from across the market, including any special offers from your current lender.

To speed things up, Pocklington advises having all your financial documents ready in advance. This includes:

• Payslips
• Bank statements
• Proof of ID and address
• Your latest mortgage statement

Once you’ve set the wheels in motion, it’s a good idea to keep an eye on interest rates. Your broker will keep you updated on any better deals that become available, so you can switch to a cheaper rate if needed.

Although the Bank of England is expected to cut the base rate, experts believe mortgage rates are likely to settle at around 3.5% to 4.5%. This is still significantly higher than the 1.5% to 2.5% rates seen in the decade following the 2008 financial crisis.

Katy Eatenton, a mortgage specialist at Lifetime Wealth Management, explains: “The ultra-low interest rates we saw after the financial crisis were artificial. Now we’re back to reality.”

The message is clear: don’t delay if you’re coming to the end of your current mortgage deal. Speaking to a broker and comparing your options could save you thousands of pounds in the long run.