BoE rate cut: Consumers may still struggle, says Phoebus
07 November 2024
Richard Pike, chief sales and marketing officer at Phoebus Software, said: “Following the UK Budget and the US election result, overall, the markets are reacting positively. Coupled with lower-than-expected inflation figures last month, today’s Rate cut is not unexpected and means we can look forward to a strong finish to the year.
“We shouldn’t expect a massive change in fixed mortgage rates than those already planned by lenders, and with inflation looking like it will rise again moving into 2025, another cut in December is looking more unlikely.
“With such a constantly evolving economic picture, consumers may continue to struggle on product choice, but with more choice continually coming to market this shouldn’t affect gross mortgage lending figures moving forward”.
