This decision comes as uncertainty persists over lending costs and expectations for interest rate cuts from the Bank of England have been revised.

Fixed mortgage rates do not change during the term of the deal, typically two or five years, and failing to switch to a new deal would leave borrowers on more expensive variable rates.

Approximately 1.6 million homeowners with fixed-rate mortgages expiring in 2023 are facing a decision on whether to renew or refinance.

While some anticipated continuous rate decreases this year due to previous market volatility, the trend has since reversed.

The year began with significant drops, but rates have since stabilized and started to rise again.

For instance, Nationwide, the UK's largest building society, will increase rates on certain deals by up to 0.25 percentage points on Tuesday.

The average rate for a two-year fixed mortgage now stands at 5.87%, according to Moneyfacts, which is around a percentage point lower than last year's peak.

Mortgage brokers warn that recent increases in mortgage rates may not mark the beginning of another cycle of rising rates, but some borrowers who had anticipated rates decreasing may be deterred from moving home.

David Hollingworth of L&C Mortgages and Aaron Strutt of Trinity Financial both suggest that these higher rates could lead to more banks and building societies raising their rates this week.

However, they also emphasize that the situation is not set in stone and could change again soon.