"Our advice is to plan ahead as much as possible and take action now"

Mark Harris, chief executive at mortgage broker, SPF Private Clients:

“There is a strong argument for pausing rate rises for now, giving the market time to settle down and adjust.

“Consecutive base rate rises have been painful and done little to stem inflation which is proving to be worryingly stubborn; it’s time for a different approach, letting the impact of the rate rises so far take effect, rather than causing continued anxiety and distress for borrowers.

“Those on base-rate trackers will find their mortgage rate increase by a further 50 basis points and the cumulation of 13 successive rate rises is significant.

“Fixed-rate mortgage pricing continues to edge upwards with many borrowers, particularly those due to come off cheap fixes, in for a real payment shock.

“Our advice is to plan ahead as much as possible and take action now; rates can be booked up to six months ahead and if when you come to remortgage, rates are cheaper, you can move onto another product.

“If you are not due to remortgage for a year or two, start paying down other debt, cut unnecessary spending and consider overpaying on your mortgage — if possible — to lessen the pain when the time comes.

‘With so much volatility in the markets, it is more important than ever that borrowers seek advice from a whole-of-market broker.’