Landlords are being offered fresh advice if they have been hit with higher interest payments following the base rate rise to 4.0 per cent.

Angus Stewart, chief executive of online buy to let specialist broker Property Master, says: “We again advise landlords to look to ensure that they are not sitting on the lender’s SVR and paying a premium. There are mortgage products available without early redemption fees and for those concerned about locking themselves into a fixed term this is a sensible option.

“We would recommend utilising online comparison tools … which can identify suitable products including those without ERC’s. Our platform provides the very latest BTL mortgage deals and assesses these against lenders’ criteria and affordability checks.”

He adds: “Longer term interest rates are reducing from their peak lessening the significant margin we were seeing between fixed and variable rates. Lenders are introducing new fixed rate products which are looking more competitive when compared to discount and tracker rates.

“With many landlords coming to the end of fixed term products this year while there is still a significant increase in rate from their old fixed term it is still in their interests to look for a new mortgage product (either fixed or discounted) rather than go onto the lender’s SVR. ”

Stewart says that the mini budget last year – which prompted the rapid removal of many buy-to-let mortgage products by nervous lenders – has now worked itself out of the system.

He concludes: “The key challenge for many landlords is meeting the affordability requirements given the higher product rates resulting in tougher stress tests.”

Yesterday the Bank of England increased base rate to 4.0 per cent – its highest level for 14 years and the 10th rate rise on the trot.

This latest rise means people with a typical tracker mortgage will pay about £49 more a month while those on a variable mortgage will pay another £31 a month

The BoE says the UK is still set to enter recession this year, but this will be shorter and shallower than previously thought.

Glossary:

ERC – early repayment charge

SVR – standard variable rate

BTL – buy to let

Affordability is usually assessed by calculating your income against your outgoings.