Spending time to map out your finances is a very worthwhile exercise ahead of any plans to acquire a mortgage.

It is also advisable to seek out a reputable mortgage broker who can help steer you through to the right outcome.

Increases in the Bank of England’s base rate don’t immediately translate into higher rates for those with existing fixed mortgages, as they are protected until the end of their fixed period.

But those taking out new fixed mortgages – or re-mortgaging – will usually see rates increase when the base rate does, as will those on existing variable rate mortgages.

You need to be confident that you can meet any increase in repayments.

The best way to have clarity about your mortgage commitments is to speak to a mortgage adviser – and to also have in place a flexible, in-depth personal financial plan that gives you a full understanding of what your money can and cannot do for you.