Phoebus Software responds to today's BOE base rate decision

30 April 2026

Richard Pike, chief sales and marketing officer at Phoebus Software, commented:

“A base rate hold was largely expected and already priced in by the mortgage markets, but it remains to be seen where rates will go next. We’ve seen some lenders reducing rates in the past couple of weeks, but if swap rates remain volatile then it could spell bad news for homeowners. Household budgets are already stretched and for those coming to the end of a five-year deal, there could be an unpleasant payment shock.

“The Bank is caught in a difficult balancing act. On the one side, there are inflationary pressures fuelled by rising energy prices and rising business costs, while on the other, growth is weak and business confidence is fragile.

“The industry must prepare for continued volatility. The priority for lenders is ensuring they have agile systems and real time data capabilities to allow them to respond quickly to whatever the market delivers next.”