“It is crucial to speak to your broker now to understand your options so that you are prepared”

Sarah Thompson, managing director at Mortgage Scout:

“The further increase to the Bank of England base rate is the fourteenth in as many months, and it’s unlikely this will be the end of increases in 2023. 

“Since last month’s reduction in the inflation rate we’ve seen lenders reduce their interest rates by around 0.4%.

“We believe it’s unlikely that mortgage rates will increase immediately as the banks have already factored this into the products that are currently available.

“What I would urge everyone to do is really look at your BTL properties, even if you have a lower fixed mortgage rate [as] the likelihood is that rates will probably be higher when you come to renew.

“Paying extra now — if you can afford to — will help cushion the blow if your mortgage rate increases and has the added benefit of reducing your mortgage term and therefore the interest you pay overall.

“It is crucial to speak to your broker now to understand your options so that you are prepared.”