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Inflation rises to 4.7%

Inflation has risen to 4.7% in August from 4.4% in July partially due to mortgage arrangement fees.

The Consumer Prices Index has risen significantly as a result of mortgage arrangement fees which have fallen by less than last year.

Other pressures pushing up inflation include household services like electricity and gas bills and a rise in the cost of food – specifically breakfast cereal, pizzas, meat and fruit.

But the average price of petrol has fallen by 5.5p to 113.3p from August last year.

The Retail Price Index inflation fell to 4.8% from 5% in July.

There was a large downward influence on RPI from housing as a result of rising mortgage interest payments and house price depreciation.

Mortgage interest payments and house price depreciation are both excluded from CPI calculations.

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My Client is likely to need bridging finance next month for about four weeks as he must buy his new home before the sale of his existing property is completed. Should I advise him against this in case the sale of his home falls through and he is stuck with an expensive bridging loan? If it goes wrong he will blame me but if he wants to go ahead, which are the best lenders to approach and what are the pitfalls?

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