Don’t get too comfortable though as, with inflation 0.7% above the 2% target, further rate increases look probable in the medium term. If you’re looking to take out a mortgage I would definitely consider a fixed rate as any tracker mortgage is going to be subject to these probable base rate increases.

When I took out my mortgage over 6 months ago, I was advised by some experts to go for a tracker as rates “were unlikely to increase”. Luckily I read up on the issue and plumped for a fixed rate - and since then rates have increased by 0.75%. It just goes to show that you can’t take the word of experts all the time!