Richard Pike, chief sales and marketing officer at Phoebus Software:

“This was probably the worst kept secret this week, that and the expected cut to stamp duty tomorrow. While we were expecting it this rise, although not the 0.75% that many had touted, is one that will add further pressure to finances that are already under so much pressure with the rising cost of living. Savers will of course see the difference in a positive way, but it is mortgage borrowers that will taking the brunt of this increase.

“In his fiscal event tomorrow the Chancellor will have a chance to ease the burden, but for anyone on an SVR the cost of their mortgage is the one thing that he will be unable to affect now that the Bank of England has put rates up again. The focus for mortgage lenders must be on affordability and using all the tools at their disposal to ensure they are keeping track and identifying struggling borrowers. Acting now could save a lot of unnecessary anguish down the line.”