The trade body found almost half (44%) of lenders surveyed anticipated a rate rise in the first three months of 2015. A further 28% expected a rise in the second quarter with 11% believing rates would rise in Q3 2015 or later.

Just 17% of lenders expected a rate rise before the end of this year. Mortgage advisers appear to be preparing for a rate rise sooner rather than later with more than a third (36%) expecting to see an increase by the end of 2014.

A quarter of those surveyed expect an increase in the first quarter of next year with the remainder believing it will occur later than that.

When rates do rise the majority of lenders (56%) believe existing homeowners will be most affected with brokers also sharing that assessment. Some 36% of advisers said they would face most problems, the same proportion that said recent first-time buyers would face most difficulties.

Both groups predicted buy-to-let property owners would be least affected by a base rate increase.

IMLA executive director Peter Williams said:

“The fact that lenders feel recent first-time buyers will be spared the impact of rising rates is an encouraging sign that stress tests implemented under the Mortgage Market Review are doing their job and will ensure that borrowers are financially prepared for higher interest payments.

“Brokers will have a vital role to play in the months ahead as existing homeowners review their current deals and look to ensure they are on the most favourable rates for their personal circumstances.

“It’s important to remember that the first rate rise in more than five – or potentially even six – years will seem like a momentous occasion when it arrives, but the size of increase is likely to be very modest, certainly to begin with. The Bank is firmly focused on cautious steps that will preserve the recovery and will guard against punishing existing borrowers.”