Richard Pike, Phoebus Software sales and marketing director, said: “The impact of the increase in the base rate may not be dramatic in and of itself, but taken with the rising cost of living and, looking at the increase in consumer credit borrowing, it is looking like money is getting tighter all the time for many.  

“For homeowners and those looking to secure a new mortgage rates are still low but, as we’ve seen in the last week, are already increasing. However, lenders need to lend and as such will not be looking to overstretch potential or existing borrowers at a time when household expenses are already being put under pressure.”