At midday on Thursday 3 August the Bank of England (BoE) increased the base rate by 0.25 percentage points to 5.25%.
As inflation in the UK dropped more than anticipated in June to its lowest level in over a year, there is now less pressure for the BoE to increase the base rate as much.
Christopher Moyse from Blueberry Specialist Lending says: “This is good news for homeowners as some fixed-rate mortgage rates have now fallen for the first time since May, while the base rate is expected to peak at 5.75%, down from over 6%.
“Clients are advised to speak to a mortgage broker up to six months before their fixed-rate mortgage ends, however, their circumstances may have changed since they secured their mortgage.
“The cost of living crisis has had a significant impact on households forcing borrowers to make difficult choices which have had adverse effects on their credit file.”
At Blueberry Specialist Lending, we can assist you in finding a solution for clients looking to capital raise for any legal purpose. With the continued pressure of high inflation and the significant impact the cost of living crisis is having on otherwise ‘vanilla’ customers, let alone ‘non-vanilla’ it is vital to consider a broad range of solutions.
“Our advisers have extensive experience in specialist lending, they pride themselves in identifying solutions for every situation, can-do, not can’t do! They think outside the box.” Christopher added.
For more information see: Blueberry Mortgages | Whole of Market Mortgage company
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