Richard Pike, Phoebus Software’s chief sales and marketing officer, says:

“Another rate rise from the Bank of England today was not unexpected. However, global interest rates are rising, so it’s a strategy that is widely believed to be the best way to curb inflation. There were question marks though, with many asking whether the speed at which rates are being increased may cause further problems for the economy. Nevertheless, we saw the first signs this week with inflation falling very slightly, that the plan may be starting to work.

“Although mortgage rates have been coming down we are now seeing some high street banks increasing their rates. Those on interest only or with deals coming to an end will be looking into 2023 and wondering how much their new mortgages are going to be costing them. Advisers and lenders will be looking closely at their books to not only assess where the opportunities lie, but where the vulnerabilities may be. This will be made that much easier with the right systems in place and a clear plan of action should things change quickly.”