BSA: No surprises as the Bank Rate remains at 4.75%

Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association (BSA), comments on Bank Rate remaining at 4.75%.

“Many borrowers and would-be first-time buyers will be disappointed that that the MPC has decided not to cut the Bank Rate today.

“The cuts last month and in August had marked a significant turning point in what had been a difficult two and a half years.

“Andrew Bailey, the Governor of the Bank of England, has hinted that based on current market expectations there may be four cuts to the Bank Rate in 2025.

“If that happens, mortgage affordability should ease which will be a relief for many.

“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.

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

Kindly shared by The Building Societies Association (BSA)