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Homeowners worried about the thought of increasing interest rates may want to consider obtaining a fixed-rate mortgage.summer fashion 2011

That is because these mortgages are not based on the Bank of England base rate, meaning that monthly repayments will not increase even if interest rates rise.

However, if someone has a variable or tracker mortgage, repayments will increase if the interest rate does.

It is thought that interest rates will increase in upcoming months to help combat the recent hikes in inflation, which is currently at four per cent.

Martyn Dyson, mortgage specialist at Nationwide, the world's largest building society, recommended fixed-rate mortgages.

He said: "If people think the base rate is going to rise very soon then clearly fixed-rate mortgages might be a good option because they can provide certainty, stability and help with budgeting."guess handbags

Homeowners could also shop around for a mortgage, even if they think they currently have a good deal, as they could be pleasantly surprised, Mr Dyson added.

He also gave advice to those who may find themselves in financial difficulties if interest rates increase.

"The best possible thing is that if customers do get worried about their financial difficulties, it is best that they speak to their lender sooner rather than later."

Those who do want to shop around for a better mortgage may like to do so on a price comparison site, such as moneyexpert.com, as they list all the current deals on the market.juicy couture swimwear

They also list the benefits and disadvantages of each form of mortgage, which may help people make an informed choice.

Helen Adams, managing director of FirstRungNow.com, recently stated that first-time buyers will have more choice in terms of mortgages.

That is because some lenders are starting to reintroduce special offers that were available several years ago but were stopped during the recession.