Just Mortgages comments on BoE MPC decision

30 July 2026

John Phillips, CEO of Just Mortgages and Spicerhaart:

“The decision to leave the base rate unchanged was largely priced in, as better-than-expected inflation data helped negate the need for the central bank to pull the trigger on any rate increase. For once, I think we’re all grateful for the bank’s patient, cautious approach as it monitors the impact of the Middle East conflict – which by all accounts, the UK has managed to weather pretty well so far. Even as oil prices have risen once again following the collapse of peace talks.

“How long they will be able to hold off any increase still remains uncertain, with some predictions of one or more by the end of the year. The message to clients to act sooner rather than later, I think is a shrewd one, while also being aware of the reality that lenders do need to lend as they have one eye on their end of year lending targets. Ultimately, successful mortgage decisions have never been about perfectly timing the market. They're about balancing affordability, future plans and product suitability against the information available today. That remains the strongest advice brokers can offer, regardless of what happens to the base rate or in the wider economy.”