Samuel Whittlesea (pictured left), mortgage adviser and financial protection specialist at Whittlesea Mortgages expects further rate reductions later this year, and into 2025, but only if the UK’s political and financial landscape and favourable global conditions allow them. Any boost to consumer confidence will likely be offset by borrowers holding out for further reductions, he suggested. The industry won’t see any significant changes in client behaviour before there is a 1% base rate – and he prefers a calmer market over headline-grabbing rate cuts.

“I wouldn’t encourage any further BoE rate cuts,” Whittlesea told Mortgage Introducer. “I don’t think we need them, as the current rate allows sensible mortgage rates as well as decent savings rates – it works for everybody. Stability would be the best thing for our economy, as without it there is too much speculation and waiting for a better day.”

Kim Balasubramaniam (pictured centre), senior mortgage adviser at The Mortgage Mum, welcomed that – anecdotally at least – the recent base rate cut does seem to have given buyers confidence that the market might be beginning to shift, but she cautioned against further decreases too soon.

“As much as I would love to see further base rate cuts in the very near future, I think that any additional cuts will have to be made slowly and carefully,” she said. “Services inflation and wage growth remain high, and with the first budget of the new government not due until the end of October, I would expect any further cuts, if they are to be made, to come in the November meeting rather than in September.”

What date will the next base rate cut happen?

John Phillips (pictured right), CEO of broker Just Mortgages, agreed the Monetary Policy Committee Bank will possibly wait until November before making any further cuts, to assess the impact of its most recent decision.



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