Brokers are bracing themselves for rising mortgage rates, saying that today's rock bottom deals are likely to "melt away like snow in spring".
They are urging buyers and existing homeowners to lock into a fix-rate now, because mortgage rates will never be this low again.
Michael Atkinson, director of Summit Capital Mortgages, said the "great rate era" is almost over. "Short of another global financial crisis, it's unlikely we'll ever see mortgage rates this low again.
"With the Funding for Lending Scheme (FLS) being refocused on business loans next year, rates will start edging up. We're in the very final stages of the bottom.
"If the banks aren't getting cheap money, rest assured they'll revisit their product ranges straightaway and adjust them accordingly.
"I expect rates to increase by between 0.5% and 1% in the near future, potentially by the spring.
"Any buyer who is looking to fix their mortgage, or wants to get the very best rates available, would be prudent to act now."
Ashley Brown, director of the independent mortgage broker Moneysprite, said low rates cannot survive the demise of the FLS. "While the property market is stronger than it has been in years, there is no guarantee that its momentum will continue to drag levels of mortgage lending ever upward."
But he said the housing market is strong enough to survive rising rates.
"When mortgage rates begin creeping up, as they must inevitably do next year, will they cool the house-buying stampede? I doubt it.
"Growth rates should return to more sensible levels, but there is so much pent-up demand and consumer confidence is so buoyant in many areas that the trajectory must continue upwards.
"With the rock-bottom rates likely to melt away like snow in spring, anyone looking to fix their mortgage or secure a great rate should act now."
Jonathan Harris, director of mortgage broker Anderson Harris, said 2014 is likely to be another strong year, as Help to Buy 2 really gets underway and lenders plan for a strong first quarter.
"Record low mortgage rates are ensuring that affordability is not an issue but it is important to remember that rates will rise at some point, so it is vital that borrowers can afford any lending they take on.
"Long-term fixed rates of five years look extremely good value at the moment and will protect borrowers from interest rate rises for the medium term."
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