Despite the Bank of England cutting the base rate in the final quarter of 2007, many consumers could still end up paying more for their mortgages in the new year.
Some one and a half million fixed rate mortgages come to an end early in 2008, and these consumers will have to shop around if they want to save any money at all.
The reason for providers increasing the cost of borrowing is because of the credit crisis that has hit the rate that banks lend to each other - known as the three month Libor.
To compensate for this crisis, banks and other lenders are having to increase the cost of mortgages.
The silver-lining however, might come with at least one base rate drop early in the new year, with many analysts seeing it as an inevitability.