BSA comments on the MPC’s decision to hold the Bank Rate at 5.25% May 2024

Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association (BSA), comments on the MPC’s decision to hold the Bank Rate at 5.25% May 2024.

“With inflationary pressures continuing, it is no surprise that the Bank Rate has been held at 5.25%.

“We still anticipate that the MPC will cut rates later this year, and although mortgage rates have ticked up slightly in recent weeks, they remain lower than they were this time last year.

“However, those coming to the end of a fixed-rate mortgage that was agreed before the Bank Rate started to rise in December 2021, will need to prepare for a significant increase in their mortgage payments.

“Anyone who is concerned that they may experience financial difficulties in the coming months, should contact their lender as soon as possible, preferably before missing any payments.

“They have a range of practical, tailored support available to anyone who may be struggling.”

Kindly shared by Building Societies Association (BSA)