LiveMore comment on BoE base rate: "no third time lucky"

19 December 2024

Simon Webb, managing director of capital markets and finance at LiveMore, commented: "No third time lucky this month for borrowers on SVRs, trackers or first-time-buyers hoping for a reduction in the Bank Rate again. After the increased borrowing announced in the Autumn Budget that set markets in a flurry, and November’s repeated rise in inflation, it’s no surprise that the MPC voted against a base rate drop – for now at least.

“There are many thousands of borrowers aged 50 to 90 plus whose interest-only mortgages have expired – or are about to. They’re finding themselves trapped, paying their lenders’ higher standard variable rates, when in fact they often do not need to. There is a much wider choice of affordable solutions for mid to later life borrowers on the market today. And tools such as the LiveMore Mortgage Matcher® can help brokers navigate the often complex later life market so they can find affordable solutions for clients' specific circumstances in these changing times.”