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Add all the ingredients to your blender jug and blend.
Transfer to a saucepan and heat, whisking regularly until hot (don’t let it boil). It will thicken while it heats. If you think it’s getting too thick, add in a little water (be careful as if it gets too thin that is harder to fix than if it’s too thick) and whisk it in until it’s the right consistency.
Serve as a dip for tortilla chips or pour over a plate of fully loaded nachos.
Store leftovers in the fridge. It will thicken when cooled, so when you reheat add in more water as needed to reach the desired consistency.