"The impact of the base rate increases, and those yet to come, are now truly hitting home”

Justin Moy, MD at EHF Mortgages:

“The fear of god has already been put into borrowers this month, and there are plenty of panicking borrowers already in my inbox this morning screaming for help.

“I completed three product transfers before 9am this morning — others are trying to do something now but are just too early to be able to secure a product transfer from their lender and remortgaging will not be possible.

“I think many borrowers are very tuned into the economy and the importance of figures such as inflation, and now recognise far better the need to act swiftly.

“With so many deals expiring in the next six to nine months, the impact of the base rate increases, and those yet to come, are now truly hitting home.”