Commenting on the MPC’s decision not to change the Bank Rate from 5.25%, Paul Broadhead, Head of Mortgage and Housing Policy at the BSA said:

“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."
 
Ends

Press contacts:
Tanya Jackson, tanya.jackson@bsa.org.uk Tel: 07881 501098
Katie Wise, katie.wise@bsa.org.uk Tel: 020 7520 5904
Debbie Enever, debbie.enever@bsa.org.uk Tel: 020 7520 5926

Notes to Editors:

Building Societies Association

• The Building Societies Association (BSA) represents all 42 building societies, as well as 7 of the larger credit unions. 

• Building societies serve around 26 million consumers across the UK and have total assets of over £507 billion. Together with their subsidiaries, they are helping over 3.5 million families and individuals to buy a home with mortgages totalling over £375 billion, representing 23% of total mortgage balances outstanding in the UK. They are also helping over 23 million people build their financial resilience, holding over £370 billion of retail savings, accounting for 19% of all cash savings in the UK.  Within this, societies account for 40% of all cash ISA balances.

• With all of their headquarters outside London, building societies employ around 51,500 full and part-time staff.  In addition to digital services they operate through approximately 1,300 branches, holding a 28% share of branches across the UK.