Just Mortgages comments on BoE MPC decision

09 May 2024

Following the news that the Bank of England has voted to hold the base rate once again at 5.25%, we have a comment from national brokerage Just Mortgages.

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.

Ben Allkins, head of mortgages and protection at Just Mortgages, said: “It’s hard not to see today’s decision as a missed opportunity, especially as inflation continues to head in the right direction. I know the central bank has many factors to consider and often follows the lead of the Fed and ECB, but further delays keep the economy fighting for life and risk derailing all the positive momentum we have seen in the mortgage market so far this year.

“Just recently, we have seen the impact of the changing expectations and a higher for longer mentality, with swap rates rising and lenders following suit across their product ranges. Even so, we’ve been encouraged by the high demand we have seen for valuations and appointments, demonstrating the growing confidence among clients. However, further delays make the job much harder for brokers to nurture and sustain this confidence. Thankfully, they are well placed to help clients navigate the market and identify the opportunities still available to make their plans a reality. It’s up to brokers to keep sharing this message and offering that five-star service.

“We have to hope that the Bank of England finally finds the confidence to pull the trigger on a base rate cut sooner rather than later.”