Bank Base rate comment from John Philips at Just Mortgages

Following the Bank of England’s decision to raise interest rates from 4.25% to 4.50%, we have a comment from national broker firm Just Mortgages.

Just Mortgages is one of the largest mortgage brokerages in the UK, with more than 600 advisers working on either an employed or self-employed basis.

John Phillips, national operations director at Just Mortgages said: “We were all hoping that inflation would fall and negate the need for this rise but it remains stubbornly resistant to a variety of financial instruments although economists are still predicting it will fall significantly by the end of the year.

“However, on a positive note, reports from our brokers across the country are of strong interest in new mortgage applications and many lenders are lowering rates and tweaking criteria to make products more accessible to borrowers. House price growth has slowed but there is no sign of any significant drop which was on most commentators lips this time last year. As a result, confidence in the housing market remains strong and professional advice from brokers is helping borrowers get the mortgages they need for the houses they want.”

Published: 11 May 2023