Richard Pike, Phoebus Software sales and marketing director, said: “Another base rate rise will mean lenders having to update their systems again and send out letters to borrowers who are on variable rate mortgages. This will apply to around one in five borrowers as most people have fixed rate deals but that still represents around 800,000 mortgages.

“However, for those due to remortgage, they may well find themselves having to take a higher rate. Brokers could be approaching their clients earlier and advising them to apply for a new fixed rate which will be valid for three or six months, depending on the lender. By locking into a lower rate now rather than waiting to apply when their current deal comes to an end, borrowers should end up with a better deal.”