Just Mortgages comment on BoE MPC decision

01 February 2024

Just Mortgages is one of the largest mortgage brokers in the UK, with more than 650 advisers working across both employed and self-employed divisions. It is part of Spicerhaart, the UK’s largest independent estate agency and property services group.

John Phillips, CEO of Spicerhaart and Just Mortgages said: “Even before the recent surprise news on inflation, my expectation was the Bank of England would sit on the base rate once again – even though it should cut. While there’s no doubt the bank has much to consider, the danger is it takes too long to make a decision and it eventually comes too late.

“Nevertheless, continuity and stability is a positive, especially for those not on a fixed rate deal. While it’s not here yet, a potential cut to base rate on the horizon is certainly helping bring some confidence back to the market, along with continued competition among lenders with rates coming down. We’ve seen this first hand in both our new buyer registrations and in requests for valuations, which are both at their highest point for a number of months.

“With affordability remaining a real stumbling block for many borrowers, it would be fantastic to get to a position where the base rate is improving, lenders are continuing to innovate, and the government is bringing some much-needed support to the housing market. Given recent news and speculation, this may become a reality in the not-too-distant future. Meanwhile, our message to our brokers is to keep supporting clients, stay visible and proactive, and keep highlighting the value of advice – especially as borrowers try to navigate the market.”