Just Mortgages comments on BoE MPC decision

05 November 2026

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

“While there has been some welcome news for the UK economy, with falling unemployment, GDP growth and a relatively muted Budget, inflation remains a very real problem. The decision to raise the base rate on Bonfire Night is an attempt to dampen the fuse, but with the Middle East conflict still ongoing and both energy and fuel prices expected to push inflation higher, it’s fair to say that there could still be plenty of fireworks ahead.

“Despite this decision being widely expected, we have still seen positive movements from multiple lenders over the last few days amid a recent easing in swap rates. It’s a reminder of the key message brokers need to be sharing with clients – mortgage rates and the base rate are not joined at the hip. While lenders will always want to be prudent in their pricing given the current climate, they also need to consider their competition and market share, alongside their progress against end-of-year lending targets.

“While rates do remain volatile, options are still out there for those looking to make moves or realise their dream of homeownership. Independent advice is the best way to not only explore those options, but to navigate the current market. Now is the time for brokers to be front-footed, proactive and visible.”