It was a black day today for the six million-plus UK borrowers with a variable rate mortgage, as the base lending rate hit its highest level for six years.

The Bank of England’s latest increase means we (myself included) can expect to pay more for the roof over our head from next month.

The 0.25 percentage point hike, to 5.5 per cent, is the fourth since August and will add around £15 a month to a typical £100,000 repayment loan.

And the situation is unlikely to improve any time soon.

Michael Coogan, director general of the Council of Mortgage Lenders, warns, ‘Borrowers must expect rates to remain at or around their current levels for the foreseeable future and plan their finances on that basis.’

Time to consider remortaging to cut your costs?