Inflation is at a record high of 3.1% since comparable records began ten years ago, according to Spicerhaart Financial Services.

SFS’s monthly survey shows 91% of borrowers opted for fixed rate in mortgages in March, which is a slight increase on the previous month’s 90%.

It also shows that the percentage of high loan-to-value loans increased in March rising to 15% from 13% in February.

“Borrowers are looking for security against further interest rate rises and are opting for fixed rate mortgages, despite lenders recently hiking rates on their fixed deals. With the announcement that inflation has crept above 3% in April, it is almost certain that there will be a further base rate rise in the next couple of months. As a result we expect there to be a surge of borrowers looking to switch their mortgages to a fixed deal in the forthcoming few weeks during the run up to the next Bank of England announcement on base rates”, says Steve Cox, operations director of Spicerhaart Financial Services.