Only a third of respondents were sure of their exact interest rate, despite the fact that a rate rise has been the subject of intense media speculation during 2015.

Of those who did know what rate they pay on their mortgage, 90% were knowledgeable about how a potential rate rise would impact their repayments and wider finances.

But of the respondents who didn’t know their mortgage rate, only 58% understood that a rate rise could mean a hike to their monthly repayments, depending on the type of deal they have.

Analysis by Which? Mortgage Advisers also found a 55% increase in the number of fixed rate deals on the market over the past two years, with fixed rate deals now making up three quarters (77%) of the products on the market.

David Blake from Which? Mortgage Advisers said: “With interest rates so low, we have seen a significant increase in the number of fixed rate mortgages available and a surge in households looking to take advantage of these deals ahead of any potential rise.

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“That said, it’s important to remember that fixed rate deals typically have higher rates than trackers – for the time being at least – but fixing now could potentially save you money in the long-term. Now is the time to seek independent mortgage advice if you are concerned about the impact a rate rise might have on your finances.”