Anyone with new mortgage in past month told 'take action as bank won't tell you'

Anyone with new mortgage in past month told 'take action as bank won't tell you'A mortgage expert said your bank won't tell you, but taking action could save you thousandsCommentsMoneySteven Smith Content Editor08:28, 20 Apr 2026Updated 08:37, 20 Apr 2026View 3 ImagesYou're entitled to change(Image: Dusan Dinic via Getty Images)Borrowers who have had a mortgage offered directly with their bank over the past month or so have been warned by an expert to do one important thing, or risk spending hundreds or even thousands of pounds unnecessarily. Since the war in the Middle East began, mortgage rates have shot up due to inflation concerns and the threat of higher interest rates.‌People who have had a mortgage agreed in recent weeks will often now be paying a full 1% higher than they were at the end of February, if not more. When applied to a mortgage, that higher rate can mean hundreds or thousands of pounds extra over the course of even a two-year fixed rate period- and more still if the rate is fixed for five years.‌Mortgage expert Bob Singh, founder of nationwide broker Chess Mortgages, said while the situation in the Middle East remained volatile, there was a growing sense that mortgage rates may have peaked.‌Bob said: “This (past) week alone, we have had a number of major high street lenders, such as HSBC, Halifax, TSB and Santander reduce their rates, in some cases by quite chunky amounts. Though anything could happen when Trump is at the helm, there is cautious optimism that we may be past the peak for mortgage pricing.”View 3 ImagesBob Singh(Image: Bob Singh/Newspage)But Bob warned that if that's the case and more better rates become available, people should not rely on their lender to tell them that there are now cheaper alternatives.‌He said: “Borrowers think their lender will always tell them if a better mortgage rate has become available, but that this simply isn’t true. People too often see lenders, especially the high street b...