Borrowers should brace themselves for yet more increases to mortgage rates as the latest jump in inflation and a bleak economic picture renew the pressure on lenders.

Mortgage brokers had hoped new borrowing costs would begin to edge down over the next few months on the back of further cuts to the base interest rate. But following the higher-than-expected inflation figures revealed this week, the chance of another rate cut this year, or even next, is considered far less likely.