Just Mortgages comments on BoE MPC decision

06 November 2025

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

“Given the central bank’s penchant for caution, a cut to the base rate felt unlikely this close to the Budget. There was certainly scope for one though with recent inflation data performing better than expected and growing confidence that it has likely reached its peak. Add in the gloomy economic picture and you can certainly make a strong argument. As has been the case in recent months, the Budget is the elephant in the room and the unpredictability surrounding it is understandably irking rate setters. Whether we’ll see an early Christmas present from the MPC next month is still hard to predict with any real confidence.

“Even so, there have been plenty of positive headlines coming out of the mortgage market with a drop in rates and cuts from lenders in all areas of the market. Resilient mortgage approvals and transaction figures show many borrowers are still getting on with the task at hand – despite much noise surrounding the Budget. Brokers should absolutely take note and be there to provide the necessary advice and support. Above all, we shouldn’t underestimate the critical role we play in nurturing confidence and facilitating transactions.”