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Just Mortgages comments on BoE MPC decision

Following the decision by the Bank of England 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.

John Phillips, CEO of Spicerhaart and Just Mortgages, said: “It’s a real shame that the MPC didn’t seize the opportunity to make the first long-awaited cut to base rate. That’s especially true given yesterday’s news and the positive trajectory of inflation. While the central bank does have to exercise caution to reach its 2% target, it’s critical it doesn’t stifle the economy by making a decision too late.

“A base rate cut today would have added some fantastic momentum to the confidence we have seen return back to the market and helped in some way to answer the affordability challenges many are still experiencing. Nonetheless, a fifth consecutive hold brings stability and along with yesterday’s inflation news, may reflect positively on swap rates – giving lenders the opportunity to reprice rates, even if only marginally.

“Without any Government intervention in the recent budget, or any movement in the base rate, brokers must continue to get the basics right, pound the pavement and offer that five-star service to continue nurturing this confidence and help answer this growing appetite to get moving plans back on track.”

Published: 21 March 2024