Just Mortgages comments on BoE Money and Credit data

29 July 2025

John Phillips, CEO of Just Mortgages and Spicerhaart, said:

“It’s positive to see another monthly increase in mortgage approvals, even if it’s only marginal. While the summer period may slow things slightly, it’s encouraging to see some momentum building in the mortgage market, with prospective buyers and movers buoyed by ever-growing innovation among lenders and an increasing spotlight on improving affordability and access to new mortgages. Although the jury may still be out on its decision, all eyes will be on the MPC meeting next month and whether we see another cut to the base rate.

“Remortgage activity now at its highest level since 2022 certainly reflects what our brokers are seeing on the ground. We knew 2025 would be a busy year for mortgage maturity, whether it’s those facing a rate shock from covid-era deals ending, or rate relief from deals chosen in the wake of the mini-budget. It’s a reminder to all brokers of the leg work required to get back in touch with clients and encourage them to explore their options in good time – especially in market that has seen so much change since those deals were first taken.

“Following a drop last month, an uplift in consumer credit borrowing shows we’re not out of the wood just yet with increasing reliance on the likes of credit cards amid stubborn inflation and clear cost of living challenges. There’s no doubt brokers have to be alive to these challenges to best support clients. The great news is that brokers are best placed to help navigate all these components and use their knowledge and expertise to find the best deal. It’s up to us to stay proactive and remind potential borrowers of this at every opportunity.”