Lenders trying to assist the market

Despite the Bank of England Base Rate increasing again in February, to 4%, the markets have reacted pretty well. A number of lenders reduced rates towards the end of the month and others are predicted to do so again in March, especially to attract new business.

Now, it might be said by some that a number of them pushed rates up a lot higher than needed, and are now starting to reduce back to where they should be. Others will be looking at current business volumes and are doing all they can to try and stimulate the market. Either way, rates are not secure in most instances until you have fully applied with your lender. An agreement or decision in principle simply does not secure a rate.

The general census of opinion is that the Bank Base Rate may increase one more time, before it begins to stabilise and possible fall slightly over the coming years. Although, depending on what you read or who you listen to, this could be over three to four years and even then may not drop below 3.5%. So, for those ‘waiting’ to see what happens with interest rates, you could be waiting for some time.

We are seeing lenders reviewing their criteria offerings. A number of lenders have recently issued mortgages that allow a loan to income ratio of up to 6 x income and this can be joint. Most lenders consider 4.5 to 5 x income, so this is a welcome addition. However, a lender is only ever allowed a certain percentage of their offerings to be over 4.5 x income. So, when this limit is reached, the lender will have to revisit their offerings. But it’s good to see lenders trying all they can to assist the market.

Finally, and now in its 30th year, the What Mortgage Awards have been the stamp of approval which recognise and reward the very best businesses in the UK’s mortgage industry. We’ve been very honoured to have won the ‘Best Specialist Mortgage Broker’ for the last two years and are trying to make it a hat-trick! If you like what we do, and have two minutes spare, we’d be very grateful for your vote. Thank you in advance!

KING’S TRUFFLE

Cocoa Loco continues to innovate, focusing not just on its packaging but on perfecting new recipes too. One product that is soon coming to market is the Earl Grey and honey truffle, coinciding with the coronation of King Charles III, who is known to add a splash of honey to his favourite tea.

Although costs are rising across the business, from cocoa beans to sustainably-sourced cardboard, consumer demand from overseas is increasingly. Cocoa Loco appears prominently in online searches for organic and Fairtrade chocolate, attracting orders from Europe, America and Asia, while the growth of websites like notonthehighstreet.com has opened up other sales avenues.

While the cost-of-living crisis means we’re all counting the pennies, Sarah believes there will always be a market for high quality chocolate. She said: ‘Cost is a factor, of course, but there are people who want sustainably and ethically sourced produce made with love.’

‘After 18 years in business, it’s easy to forget the journey that you’ve been on. It has been a rollercoaster, but our passion for chocolate is as strong as ever. We still have the same excitement when it comes to launching a new bar or truffle. Now, the challenge is to make sure we don’t get complacent and continue to innovate and remain relevant.’

WORDS: BEN MORRIS

PHOTOS: ALAN WRIGHT

Further information: The Chocolate Barn at West Grinstead is not open to the public, so orders can be made online at cocoaloco.com

Local stockists include Crates Local in Horsham, Kinsbrook Farmhouse and Meadow Stores in Thakeham, Weston’s Farm in Itchingfield, Parham House & Gardens near Storrington, Bolney Wine Estate (Bolney’s gin and sparkling wine is used in some of Cocoa Loco’s range), The Village Larder in Washington, and The Milk Churn in Rudgwick.

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