It urged advisers to contact clients who may be considering a remortgage to help them understand how much the market has changed and what their options are before demand soars on the back of a base rate move.

Paradigm highlighted that many borrowers are sitting on SVR and will struggle to secure a remortgage due to changes in their circumstances, the lack of lender appetite and stricter criteria.

In addition, Paradigm said that many borrowers may have less equity in their property than they realise, with house prices having fallen in many regions. This could result in the need for a higher LTV product and potentially higher monthly mortgage payments.

Paradigm noted that much of the market is now anticipating a base rate move before the summer, which will bring a flood of borrowers looking to remortgage.

Bob Hunt, chief executive of Paradigm Mortgage Services, said: “Providing clients with an early indication of their credit-worthiness and how they look to lenders now will undoubtedly help them make the decision about what to do and when to do it.

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“Beating the remortgage rush may well be advisable given what could be coming over the horizon and advisers should ensure they are in prime position to deliver all the necessary help and support, which could make the difference between their clients securing a remortgage loan or being left on the SVR shelf.”