A recent survey conducted by money supermarket.com shows about 25 per cent of homeowners have concerns about the inevitable rise in interest rates. For example, if the base rate shot up to 5 per cent, the SVR would end up being around 7 per cent from a lender. On a 200,000 pound mortgage, if the SVR were around 2.5 per cent, the monthly payment would be 417 pounds per month. With the increase to 7 per cent, the monthly payment would increase to 1,167 pounds per month. This is an enormous 750 pound difference per month.

Kevin Mountford, the moneysupermarket.com head of banking, discussed a rise in the base rate and the impact on families, saying: "Low interest rates have been fantastic for a large proportion of UK homeowners and subsequently many people have become used to more disposable income each month. However, a base rate rise will push up mortgage rates forcing many families to rein in their spending – potentially causing financial problems for many."

Nick Scarett, Fair Investment Company, commented on the timing of the rise in interest rates, saying: "Although many economists are predicting rises earlier than originally thought, there is still no real suggestion that the rate will rise by this time next year."

It is widely thought that many homeowners are still taking advantage of the low base rate to get their finances in order.

Martin Dyson, head of mortgages at Nationwide, commented on the low interest rates and how many people are approaching the increase in rates, saying: "Over the past two years, we have seen over a third more people overpaying on their mortgages, choosing to pay down debt in the low interest rate environment. Overpaying on your mortgage can save you interest, reduce your monthly payments in the future and even pay off your mortgage earlier if you have a repayment mortgage."