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The uncertainty surrounding the base rate at the moment means it is difficult for people to know which mortgage product to choose, an industry expert has highlighted.

Fixed-rate and variable products are usually distinguished by around one per cent, said Ben Wilkie, editor at What Mortgage, although how the situation will be in a few months' time is anyone's guess.

For example, a two-year fixed deal could turn out to be more expensive than a variable rate product if the interest rate should increase over the next 18 months, he highlighted.

Mr Wilkie continued: "For most people, you would need the interest rate to rise by at least one per cent - if not more - before it is worth their while having a fixed-rate deal."

First Direct figures show that 25 per cent of mortgages sold in 2010 have been on a fixed-rate, with the most popular of these the two-year repayment version.