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Bank of England holds base rate again

The Bank of England has again voted to hold the Base Rate at 0.5 per cent, marking 78 consecutive months without change.

In a vote of the MPC’s nine members, only one dissented, with Ian McCafferty arguing the base rate should be increased by 25 basis points.

McCafferty cited fears that an rising level of domestic costs might lead to inflation increasing beyond its target of 2 per cent.

The most recent figures from the Bank recorded inflation at 0.1 per cent.

The MPC also voted unanimously to maintain quantitative easing at £375bn.



78% of variable rate borrowers not budgeting for rate rise

Over three-quarters (78 per cent) of people on a variable rate mortgage are not budgeting for increased payments that would accompany a rate rise, according to a survey by Equifax. This is despite 80 per cent believing there will be a rate increase within 12 months. The online survey of 400 variable rate customers, conducted […]


Lender approvals surge in July

Lenders approved more mortgages in July than in any other month since January 2014, new figures from the Bank of England show. According to the latest money and credit figures, there were 11,766 approvals in July – an 8 per cent year-on-year increase on July 2014. Purchase approvals were up 5.3 per cent annually to […]

Linda Woodall 700 x 450

FCA rules out proc fee ban in upcoming mortgage reviews

The FCA has ruled out a ban on commission in its upcoming mortgage market and advice reviews. Over the next year the regulator will conduct three reviews of the mortgage market: a post-MMR responsible lending review; a more general review of the mortgage market to see if it is working effectively; and a review into […]

Jackie Uhi Barclays scroller

Analysis: Millions of reasons to push remortgages

There has been a notable uptick in remortgage activity. June data from the Council of Mortgage Lenders shows a sharp rise in monthly and year-on-year figures for both volume and value. Drilling down into the details, 31,600 households were said to have switched their mortgage deals in June compared to 24,300 in May. This was […]


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