Just Mortgages comments on BoE MPC decision

07 November 2024

Following the decision by the Bank of England to cut the base rate to 4.75%, 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: “Even in the wake of the recent Budget, market forecasts have remained really optimistic about the prospects of a subsequent cut to the base rate – especially as inflation has continued to improve. It has long been on the cards and is hugely welcome as potential buyers snap out of their pre-Budget holding patterns and get their moving plans back on track.

“The hope is that positive movement on the base rate will rub off on swap rates and will give lenders the platform to review their pricing. Ultimately though, lenders do need to lend and today’s decision will certainly influence their decision making as they look ahead to their end-of-year lending targets.

“While it is easy for borrowers and brokers to get bogged down in elements of the Budget, this is a really positive headline that we need to be sharing with our customers. Brokers play such a critical role in educating clients about changes in the market and the many opportunities still available. If we are proactive, we can be that driving force in reigniting consumer confidence and ensuring a positive end to the year.”