Interest rates could surpass the six per cent mark later this year, it has been suggested.

According to Legal & General spokesperson James Carrick, the Bank of England is could be set to increase the base rate in an attempt to curb inflation and house price growth, reports the Times.

He told the publication: "We believe interest rates will get to that level either later this year or early next year.

"The risk is then balanced as to whether they rise further. It will all depend on whether we see a slowdown in the global economy."

Mr Carrick suggested that if that does not happen, then the Bank of England may increase the base rate to 6.5 per cent which could squeeze many consumers’ ability to make secured and home loan repayments.

If interest rates were to rise to 6.5 per cent, the publication suggested some four million homeowners could see average monthly repayments on a £200,000 interest-only home loan rise from £917 to £1,000 - which could cause many to struggle with debt management.

However, Moneyfacts analyst Lisa Taylor claimed the bank’s decision to raise interest rates to 5.5 per cent was yet to be felt by many Britons.

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