Commenting on the MPC’s decision not to change the Bank Rate from 4.75%, Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association said:

“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.”

Ends

Contact: pressoffice@bsa.org.uk

The Building Societies Association (BSA) represents all 42 UK building societies, as well as 7 credit unions. Building societies have total assets of almost £525 billion and together with their subsidiaries, hold residential mortgages of over £395 billion, 24% of the total outstanding in the UK. They also hold £399 billion of retail deposits, accounting for 19% of all such deposits in the UK. Building societies account for 40% of all cash ISA balances. They employ around 52,300 full and part-time staff and operate through approximately 1,300 branches, a 30% share of branches across the UK.