Mortgage owners have been urged to act as some believe a “rate war” could emerge as stamp duty changes begin to harm homeowners.

The stamp duty “holiday” was created to boost property purchases as the pandemic ravaged the economy but the long term impacts of the scheme may leave homeowners at risk.

Simon Bath, the CEO of iPlace Global, creators of property platform Moveable, discussed how the stamp duty changes may have forced homeowners to rush key steps in the mortgage process.

Recently, a report from Royal London showed 81 percent of mortgage holders don’t have income protection insurance.

Mr Bath said: “The past year or so, with the impact of the stamp duty holiday and the rush to move to more rural locations, has left thousands missing key steps in an already tricky process.

“One of the key ones that people always forget, and are rarely reminded about in my experience, is life insurance or mortgage protection.”

New research from Moneyfacts.co.uk also showed now may be the best time to remortgage or find a new deal as lenders are on the verge of massive change.

The Bank of England’s latest money and credit report indicated the number of remortgage approvals rose in June and in recent weeks, Moneyfacts.co.uk recorded various mortgage lenders launching “attention-grabbing sub-one percent” mortgage deals to entice new borrowers.