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Borrowers who have secured a mortgage directly through their bank over the past month or so have been cautioned by an expert to take one crucial step, or risk squandering hundreds or even thousands of pounds needlessly. Since hostilities erupted in the Middle East, mortgage rates have surged owing to inflation fears and the prospect of elevated interest rates.

Those who have had a mortgage approved in recent weeks will frequently now be paying a full 1% more than they were at the end of February, if not higher. When applied to a mortgage, that increased rate can mean hundreds or thousands of pounds extra over the course of even a two-year fixed rate period - and considerably more 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 unstable, 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."

However, Bob cautioned that if that proves to be the case and more competitive rates become available, people should not depend on their lender to inform them that cheaper alternatives now exist. 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 brands they are very familiar with, as touchy-feely. But that's simply not the case.

"Lenders are deeply commercial organisations and are out to make as much profit as they can, so why would they tell you that you could now switch to a cheaper rate in their range before you complete? The answer is, almost always, that they will not."

Bob encouraged borrowers to undertake the check themselves to determine whether superior rates have emerged with their current lender or, alternatively, engage a broker to handle this on their behalf.

He added: "If you've got a mortgage agreed and haven't completed yet, keep an eye on your lender's rates, because if a better one becomes available, as is very possible based on this week's reductions, there's every chance you could switch.

"Alternatively, get a broker to do it for you. A broker can also scour the whole of the market and see if there are better rates with another lender, as you can always switch to them.

"When rates are edging down and you've not completed yet, it pays to monitor the market right up until completion, or get a broker to do it for you. It can prevent you from squandering hundreds or even thousands of pounds."