Just Mortgages comments on BoE MPC decision

01 August 2024

Following the news that the Bank of England has voted to cut the base rate to 5%, 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.

John Phillips, CEO of Just Mortgages and Spicerhaart, said: “At long last, the Bank of England has finally made the right decision and cut the base rate. The reality is this needed to happen, not just to breathe some life into the economy, but to help take some of the pressure off borrowers – particularly those on a tracker or on SVR.

“While we may not see lenders react instantly to today’s news – as many have already priced in a cut and made reductions accordingly – it’s likely to be the starting pistol for increased competition amongst lenders. All have their own targets to hit and need to lend to make money, so it’s only right to expect greater activity as they look to increase volumes and market share.

“Today’s news will likely be the impetus for many potential borrowers or movers to return to the market and get their plans back on track. If there’s ever been a time for brokers to be proactive and present in their local community, this is certainly it. As potential clients look to navigate a changing market, that whole of market access offered by a broker is hugely valuable. It’s our job to remind borrowers of this.”