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    The Council of Mortgage Lenders (CML) is advising homeowners who are currently on a tracker mortgage to put debt management procedures in place before their deal comes to an end.

    It warns that people are unlikely to get the same deal when their mortgage is up for renewal and need to plan ahead as their financial commitments are likely to change.

    They should anticipate a rise in mortgage payments and continue to review their household finances, spokesperson Bernard Clarke says.

    Homeowners on tracker mortgages who have recently been able to make overpayments because of the cuts in the interest rate may lose the ability to continue doing so if their new deal sees monthly payments rise.

    Long-term fixed-rate mortgage deals may be an option worth looking into, as they will allow people to have a longer debt management plan in place.

    "They need to understand the nature of the commitment that they are taking on and if they are not clear what the best option is for them then [they should] take reliable independent advice," adds Mr Clarke.

    At one per cent, the current interest rate is the lowest it has been since the Bank of England formed in 1694.

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