"It is the responsibility of lenders and brokers to bring perspective to the situation"

Vikki Jefferies, proposition director at PRIMIS:
 
“Today’s decision by the Bank of England to raise interest rates to 4.5% is no surprise, with inflation remaining stubbornly above 10% in March.

“Headlines about rising interest rates will add to the financial pressure that many consumers already feel as a result of the cost-of-living crisis, especially given the rock bottom rates they have experienced in recent years.

"It is therefore the responsibility of lenders and brokers to bring perspective to the situation and to work together to proactively secure the best outcomes for their customers.

“Advisers should consider how they can best support their customers in this regard.

"Being part of a network allows advisers to draw on a wealth of resources as well as access a broad range of products to help meet their clients’ needs.

"The support system that networks provide can be invaluable in providing optimal mortgage and protection advice at this time.”