As we went to press, the Bank of England’s Monetary Policy Committee had just announced the base rate would rise to 1%.

This wasn’t unexpected, but is nevertheless jarring for many who are already struggling financially. And it’s not the end of the rises. Economists predict the base rate could hit 2.5% by mid-2023.

This will also cause upheaval for the mortgage industry. Those on SVRs will need to be informed urgently that their rates will rise, and new borrowers or those remortgaging should be advised to lock in a deal now, before rates rise again.

Nothing truly puts the brakes on the mortgage market these days — other than a pandemic-imposed cessation of all business!

Even a slight increase in repayments could cause trouble for some, and forewarned is forearmed. Ensuring borrowers have all the information on changes as soon as possible could save them significant amounts if they can lock into a fixed-term product before rates rise again.

Meanwhile, house prices are still climbing, with Zoopla figures showing more than four million homes have been pushed into the higher tax bracket since the end of the stamp duty holiday.

It’s a challenging time, but we always aim to stay optimistic. Despite the talk of a potential market slowdown, nothing truly puts the brakes on the mortgage market these days — other than a pandemic-imposed cessation of all business!

Even a slight increase in repayments could cause trouble for some, and forewarned is forearmed

However, it does seem as though getting across the line is increasingly tricky for brokers. Word on the ground is that conveyancing is holding up the process considerably in many cases. Frustrating for brokers as it is completely out of your control, but you will be the ones having to calm stressed clients.

I can’t believe it’s that time again but in a couple of weeks we will celebrate the Mortgage Strategy Awards at the fabulous Grosvenor House hotel in London. Granted, it has been a quick turnaround since last year’s event, which was pushed to September due to Covid, so time isn’t going as quickly as it may seem!

A great night is on the cards with our host, Tom Allen, and some special performances.

Looking forward to raising a toast to you all on 25 May!