Base rate cut starts quest for advice

You\'d think that after the number of Bank of England base rate changes we\'ve seen in the past year borrowers would be complacent about them by now, but reaction to the most recent reduction proved this was not the case.

From midday on the Thursday when the announcement of the 0.5% cut was made, the number of requests from our users to speak to advisers began to rocket.

In fact, there was a 150% rise in the number of enquiries compared with the same time the previous week.

The number of consumers asking for mortgage advice alone exceeded 3,500 – the highest we have seen in our five-year history.

And enquiries stayed high the following day – 30% up on the previous week. Even on the Sunday there were 17% more enquiries than we see on a typical Sunday.

More than half of these were remortgage enquiries, with borrowers looking into how they might capitalise on lower rates.

These numbers emphasise how much demand there still is for advice.

Whatever tactics lenders try, borrowers want to speak to advisers who can help them evaluate their situation, tell them what their options are and find them the best deals.