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

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

“Fixed rates are influenced by future base-rate movements and therefore not directly linked to what is decided this week.

“Several lenders have reduced their high LTV fixed-rate mortgages in the past few days, which will benefit first-time buyers — while the pricing of lower LTV deals has risen on the back of higher swap rates.

“The cumulation of 12 successive rate rises is significant — a borrower with a £250,000 mortgage on a tracker pegged at 1% over base rate, will have seen their monthly payments rise from £943 in December 2021 (when base rate rose from 0.1 per cent to 0.25 per cent), to £1,535 today.

“The lender may decide to pass on none, some, all or more than the base-rate rise.

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