"It is the responsibility of lenders and brokers to bring perspective to the situation"

Emma Hollingworth, managing director of mortgages at MPowered Mortgages:

“It is no surprise that the Bank of England has taken today’s decision to raise the base rate to 4.5%, the highest it has been since 2008. The ramifications will be felt throughout the mortgage market, and as such, there has never been a more critical time for buyers to seek professional advice.

“However, despite the rising interest rates, there remains healthy demand in the market, demonstrated by the 18% rise in loan approvals for house purchases between February and March and re-mortgage activity will be supported by the 1.4 million people with fixed-rate mortgages set to expire in 2023.

“Additionally, with inflation predicted to start coming down in the second half of the year, we are confident that the market will be able to weather the challenges presented by today’s interest rate rise.

“That being said, lenders and brokers must continue to work to understand the needs of their customers in a complex market, and to provide them with mortgage decisions as quickly and efficiently as possible.