One of the biggest news stories in the country right now is the ongoing cost-of-living crisis. This crisis has caused inflation to rise relentlessly, and the Bank of England’s measures to curb this inflation have seen the base interest rate rise to 4.5 per cent, with another expected rise to be announced on Thursday.

The interest rate increase has had an immediate impact on the mortgage market, as lenders have started to raise their rates.

According to data from the Office for National Statistics (ONS), the monthly cost of a new mortgage for the average semi-detached house in the UK rose by 61 pfer cent in the year to December 2022. Bank of England figures for April 2023 have shown that the number of net mortgage approvals for house purchases has fallen to 48,700 from 51,500 in March 2023.

For contractors looking to purchase a house or remortgage in the near future, the current trends can be worrying.

We understand that many of our clients will need advice about contractor mortgages and finding a better deal, especially under the current financial climate.

We can recommend you to a quality firm providing professional mortgage advice that you can trust and who will work hard to find the best solution for you, whatever your requirements.

We have developed a close relationship with Windfall Finance so that you can draw on their experience and expertise to meet all of your mortgage needs.

Please contact Jeremy – jeremy@cogentaccountants.co.uk – for further details. You may receive preferential rates from Windfall Finance if you are a client of Cogent.